On May 5th, Deloitte became the first global systems integrator to achieve UiPath service network partner certification. UiPath created its Services Network Program so that UiPath clients could use a network of service providers to receive premier Robotic Process Automation (RPA) implementations.
A day before, Ingram Micro, a US-based IT products and services company, announced an expanded partnership with UiPath, focusing on robotics. The relationship between the two companies which began in India and China in 2018, has now expanded worldwide.
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The third-largest IPO for a US software company
These partnerships come on the heels of the splash that UiPath made with its recent IPO on the NYSE on April 21st. Two days later, UiPath announced that it was closing its initial public offering. Trading under the ticker PATH, the approximately 27.5 million shares of class A and B shares had all been sold, including full exercise of the underwriters’ option to purchase around 3.5 million class A shares. The IPO price per share was set at $56, and after the first day, closed at $69, raising $1.5 billion and becoming the third-largest ever IPO for a US software company. Since the IPO, shares have been trading at around $70.
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Let a robot handle it
UiPath offers a simple solution to an important problem that businesses face. A significant percentage of the daily workload consists of mundane time-consuming processes which don’t necessarily advance the business. In the past, the solution was to employ new staff or use existing staff for these tasks.
UiPath employs Robotic Process Automation (RPA), a computer robot that can perform various mundane tasks, thereby allowing employees to focus on more important and more creative tasks. In modern enterprises, automation is nothing new, however, its use was previously limited to developers and engineers. UiPath brings automation to the everyday employee, leveraging AI-based computer vision which allows the robot to learn and execute a range of actions that would normally require a human being.
Some of the actions that the UiPath robot can perform include logging into applications, extracting information from documents, filling in forms, updating information fields and databases and moving folders. However, the robots are not static. They have the ability to continually learn from, and replicate workers’ steps in executing business processes that drive continuous optimisation and enhancement in operational efficiencies.
Proud of the journey
With a market capitalisation of more than $35 billion, CEO Daniel Dines has become the wealthiest man in Romania with a more than $7.4 billion stake in the company. Dines is proud that UiPath has become the first Romanian-born company to reach the NYSE, and recalls the journey:
“Our journey began with 10 people in an apartment in Romania. We grew in six years into a multinational business operating in nearly 30 countries, becoming one of the fastest-growing modern enterprise software companies ever. It is a tribute to our product, our speed of innovation, and the market opportunity being perfectly aligned. But it is also a tribute to the people and the culture of UiPath.”
Uipath was founded by Dines in 2005. The company began operations in Romania under the name Deskover. A decade later, the company switched its name to UiPath and began focusing on robotics. The company’s headquarters are in NY.
UiPath has more than 7,000 customers spanning a variety of industries. Some of the big names include: Adobe, Applied Materials, Chevron, Chipotle Mexican Grill, CrowdStrike, CVS Health, Deutsche Post DHL, EY as well as 80% of the Fortune 10 and 63% of the Fortune Global 500 companies.
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