UPP co-founder and CEO Daniel Dines
UiPath
Robotic process automation company UiPath presented its IPO brochure to the Securities and Exchange Commission on Friday and plans to list it on the New York Stock Exchange under the symbol PATH.
The company earned revenue of $ 607.6 million for the year ended Jan. 31, 81 percent more than last year, according to the statement. The company also turned positive in cash flow in 2020, as net year-on-year losses fell from $ 519.9 million in 2020 to $ 92.3 million in 2021.
UiPath, which ranked No. 50 on last year’s CNBC Disruptor 50 list, uses artificial intelligence to build software robots that allow companies to automate back-office, repetitive, time-consuming tasks. The goal is to keep 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 meet challenges and create value in days and weeks, not months and years,” co-founder and CEO Daniel Dines said in a July statement.
With remote workers and companies looking to increase efficiency, companies have increasingly turned to UiPath technology. And investors have taken note.
In February, the company became one of the most valuable private technology companies in the United States, raising $ 750 million at a valuation of $ 35 billion, which would also place it among the most valuable technology companies. of New York City at the time of his Wall Street debut.
And while the most valuable companies have consistently come from Silicon Valley and San Francisco, New York is poised to raise a larger share of dollars and attention this year. On Wednesday, DigitalOcean, a provider of cloud data and technology centers, began trading on the NYSE.
In health care, insurance company Oscar began trading on the NYSE earlier this month and is now valued at about $ 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 broker with technology, filed its paperwork in early March, following a 56% revenue growth last year to $ 3.7 billion.
Founded in 2005, UiPath claims to have nearly 8,000 customers, including Amazon, Bank of America and Uber. Last week, the company announced that it had added DocuSign CEO Dan Springer to its board.
The brochure indicates that UiPath intends to list common Class A shares, although the number of shares and the price range of the proposed offer have not yet been determined. It also identifies Morgan Stanley, JPMorgan, Bank of America Securities and Credit Suisse as the main subscribers.
Below is the presentation letter from Dines: