Co-founder and CEO of UiPath Daniel Dines. Photo credit: TechCrunch, licensed under CC BY 2.0

UiPath, the popular robotic process automation (RPA) software company, is seemingly on the path towards a soon public listing as it’s picked investment banks including JPMorgan Chase, Credit Suisse, Morgan Stanley, and Bank of America Corp to arrange a public offering, according to a report [paywalled] by Bloomberg that cites “people with knowledge of the matter”. According to Bloomberg, UiPath is aiming for a valuation of over $20 billion on the public markets, double its current private valuation of about $10 billion.

That UiPath is looking to go public soon is unsurprising, given the company was founded 15 years ago and has raised a considerable $1.2 billion in outside funding from a host of investors who are likely now looking towards an exit on the public markets. UiPath was founded in Romania but later moved to New York in the US, wherein it’s raised the majority of its outside funding.

UiPath is backed by investors including Accel, Kleiner Perkins, Sequoia Capital, T. Rowe Price, Dragoneer, IVP, and Alphabet’s CapitalG. In July this year, the company reported that its annual recurring revenue (ARR) had grown from $100 million in 2018 to $400 million in just two years. 

UiPath specializes in robotic process automation, referring to software that helps companies save time and money by automating manual and repetitive tasks such as inputting data into spreadsheets. The company’s last-known funding round placed its valuation at $10.2 billion, making it one of the highest-valued private technology companies currently.

Related;

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