UiPath files to go public

UiPath has filed for an IPO with the Securities and Exchange Commission in what will likely be one of the largest deals of 2021.

The filing comes after the company raised $750m in Series F funding in February 2021 and achieved a post-money valuation of $35bn. It recorded an annual revenue of $607.6m for the fiscal year ended 31 January 2021 – up 81 percent from $336.2m the previous year – whilst net losses fell to $92m as the business became cash flow positive.

Having focussed its efforts on the robotic process automation market since 2015, UiPath has positioned itself at the forefront of technology innovation and thought leadership in automation, and has quickly become one of fastest growing modern enterprise software companies in history.

In a letter in the S-1 filing, Daniel Dines, CEO, co-founder and chairman of UiPath, said: “From 10 people in an apartment in Romania in 2015, we grew in six years into a multinational business in nearly 30 countries, with $580m in ARR. It is a tribute to the product, our speed on innovation and the market opportunity being perfectly aligned. It is also a tribute to the people and the culture of UiPath.”

UiPath is expected to raise well over $1bn when it hits the markets next month under the ticker of PATH, with lead underwriters including Morgan Stanley, J.P. Morgan, BofA Securities, Credit Suisse, Barclays and Wells Fargo Securities.