$35 Billion Automation Software Maker UiPath Files for IPO

UiPath Inc., a software maker valued at $35 billion after a funding round this year, filed for an initial public offering showing revenue increased 81% year over year.

The company in a filing Friday listed the size of its IPO as $1 billion, a placeholder that could change when it sets terms for the share sale.

The listing will be in the top tier of IPOs in an already record-setting year. Of the 408 companies that have raised a combined total of $141 billion on U.S. exchanges since Jan. 1, only 19 have hit or exceeded the $1 billion mark, according to data compiled by Bloomberg.

UiPath specializes in robotic process automation technology, software that helps companies save time and money by automating repetitive, manual tasks such as entering data into spreadsheets. It competes with Automation Anywhere Inc., which is backed by SoftBank Group Corp.

“We make software robots so people don’t have to be robots,” UiPath says in it IPO filing.

$35 Billion Automation Software Maker UiPath Files for IPO

The company, which started in Romania and is now headquartered in New York, said in December that it had filed confidentially for an IPO.

Six-Year Growth

“From 10 people in an apartment in Romania in 2015, we grew in six years into a multinational business in nearly 30 countries, with $580 million in ARR,” co-founder Daniel Dines, UiPath’s chairman and chief executive officer, said in a letter included in its filing with the US. Securities and Exchange Commission.

UiPath said it generated a net loss of $92 million on revenue of $608 million in the 12 months ending Jan. 31. That compared to a net loss of $520 million on revenue of $336 million a year earlier.

It burned less cash for the year ended Jan. 31, disclosing positive operating cash flow of $29 million compared to losing $359 million a year earlier.

UiPath raised $750 million in a funding round led by Alkeon Capital and Coatue that gave it a value of $35 billion, according to a statement in February. Altimeter Capital Management, Dragoneer, IVP, Sequoia Capital, Tiger Global Management and funds advised by T. Rowe Price Associates Inc. also participated in the round.

Accel, CapitalG

That valuation was more than triple the $10.2 billion UiPath was valued at after it raised $225 million in July. Other investors in the company include Accel, Alphabet Inc.’s CapitalG, Kleiner Perkins and Meritech Capital Partners.

Dines owns 100% of the company’s Class B shares, which carry 35 votes apiece compared to one each for the Class A shares, will continue to control the company after the IPO, according to the filing. Accel-related entities currently hold 28.8% of the Class A shares, the company said.

UiPath plans for its shares to trade on the New York Stock Exchange under the symbol PATH.

The IPO is being led by Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp., Credit Suisse Group AG, Barclays Plc and Wells Fargo & Co.

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