UiPath recordsdata S-1 for the IPO

UiPath Co-Founder and CEO Daniel Dines


Robotic process automation company UiPath filed its IPO 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 had sales of $ 607.6 million for the fiscal year ended January 31, an increase of 81% over the previous year. The company continued to generate positive cash flow in 2020 as net losses decreased from $ 519.9 million in 2020 to $ 92.3 million in 2021.

UiPath, ranked 50 on CNBC Disruptor 50 last year, uses artificial intelligence to create software robots that businesses can use to automate back-office, repetitive, and time-consuming tasks. The goal is to get people 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 overcome challenges and create value in days and weeks, not months and years,” said Co-Founder and CEO Daniel Dines in a July statement.

As remote workers and businesses seek efficiency, organizations are increasingly turning to UiPath technology. And investors have taken note.

In February, the company became one of the most valuable private tech companies in the United States after raising $ 750 million valued at $ 35 billion – one that it also ranked among the most valuable in New York City at the time of the company based tech company would count its Wall Street debut.

And while the most valuable companies have all come from Silicon Valley and San Francisco, New York is poised to garner a bigger share of dollars and attention this year. On Wednesday, DigitalOcean, a data center and cloud technology provider, began trading on the NYSE.

In healthcare, insurance company Oscar began trading on the NYSE earlier this month and is now valued at approximately $ 6.2 billion. In finance, online home insurer Lemonade went public last July and is now valued at $ 6.1 billion. Compass, a real estate agent with technology, filed its filings in early March after sales growth rose 56% to $ 3.7 billion last year.

UiPath was founded in 2005 and claims to have nearly 8,000 customers, including Amazon, Bank of America, and Uber. Last week the company announced that it had added Dan Springer, CEO of DocuSign, to its board of directors.

The prospectus states that UiPath intends to list Class A common shares, although the number of shares and price range for the proposed offering has not yet been determined. In addition, Morgan Stanley, JP Morgan, Bank of America Securities and Credit Suisse are identified as lead underwriters.

The letter from Dines from the submission is below:

Comments are closed.