UiPath Co-Founder and CEO Daniel Dines
UiPath
Robotic process automation company UiPath presented its IPO prospectus at the Securities and Exchange Commission on Friday, and plans to list on the New York Stock Exchange under the symbol PATH.
The company earned revenue of $ 607.6 million in the fiscal year ended January 31 – a jump of 81% from last year, according to the document. The company also posted positive cash flow in 2020, when year-over-year net losses fell from $ 519.9 million in 2020 to $ 92.3 million in 2021.
UiPath, which ranked 50 on last year’s CNBC Disruptor 50 list, uses artificial intelligence to build software robots that allow companies to automate time-consuming, repetitive back-office tasks. The goal is to keep humans away from that work and allow them to focus on things that add more value to the company.
“Covid-19 has increased the critical need for automation to address challenges and create value in days and weeks, not months and years,” said co-founder and CEO Daniel Dines in a July statement.
With remote employees and companies looking to increase efficiency, companies are increasingly turning to UiPath technology. And investors realized.
In February, the company became one of the most valuable private technology companies in the United States, having raised $ 750 million in a $ 35 billion valuation – which would also place it among the most valuable technology companies based in New York at the time. of his debut on Wall Street.
And while the most valuable companies have consistently come from Silicon Valley and San Francisco, New York is poised to capture a bigger share of dollars and attention this year. On Wednesday, DigitalOcean, a provider of data center and cloud technology, began trading on the NYSE.
In the healthcare field, insurance company Oscar began trading on the NYSE earlier this month and is now worth about $ 6.2 billion. In the financial sector, online home insurer Lemonade went public last July and is now valued at $ 6.1 billion. Compass, a technology-driven real estate broker, filed its paperwork in early March, after last year’s revenue growth from 56% to $ 3.7 billion.
Founded in 2005, UiPath claims to have around 8,000 customers, including Amazon, Bank of America and Uber. Last week, the company announced that it has added DocuSign CEO Dan Springer to its board.
The prospectus says that UiPath intends to list Class A common shares, although the number of shares and the price range for the proposed offering have not yet been determined. It also identifies Morgan Stanley, JPMorgan, Bank of America Securities and Credit Suisse as the main underwriters.
Dines’ letter of the suit is below: