Founder and CEO of UiPath, Daniel Dines
Robotic process automation company UiPath filed its initial public offering prospectus with the Securities and Exchange Commission on Friday and plans to list on the New York Stock Exchange under the ticker symbol “PATH.”
The company generated $ 607.6 million in revenue for the fiscal year ending January 31, an increase of 81% from last year, according to the document. The company also had positive cash flow in 2020, as year-on-year net losses fell from $ 519.9 million in 2020 to $ 92.3 million in 2021.
UiPath, which ranked 50th on last year’s CNBC Disruptor 50 list, uses artificial intelligence to build software robots that enable companies to automate time-consuming, repetitive and back-office tasks. The goal is to take humans away from this job and allow them to focus on things that add more value to a 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 founder and CEO Daniel Dines in a July statement.
With remote workers and companies looking to increase efficiency, companies are increasingly turning to UiPath technology. And investors have taken note.
In February, the company became one of the most valuable privately held tech companies in the US, having raised $ 750 million with a valuation of $ 35 billion, one that would also place it among the tech companies based in the US. New York City most valuable at the time of its Wall Street debut.
And while the most valuable companies have consistently come from Silicon Valley and San Francisco, New York is poised to grab a bigger share of dollars and attention this year. On Wednesday, DigitalOcean, a cloud technology and data center provider, went public on the New York Stock Exchange.
In the healthcare sector, the Oscar insurance company went public on the New York Stock Exchange earlier this month and is now worth about $ 6.2 billion. In finance, online home insurer Lemonade went public last July and is now valued at $ 6.1 billion. Compass, a tech-driven real estate brokerage, filed its paperwork in early March, following last year’s revenue growth of 56% to $ 3.7 billion.
Founded in 2005, UiPath says it has nearly 8,000 customers, including Amazon, Bank of America, and Uber. Last week, the company announced that it added DocuSign CEO Dan Springer to its board of directors.
The prospectus says that UiPath intends to list Class A common shares, although the number of shares and price range for the proposed offering have yet to be determined. It also identifies Morgan Stanley, JP Morgan, Bank of America Securities, and Credit Suisse as primary underwriters.
The cover letter, from CEO and Co-Founder Daniel Dines, is below: