UiPath plans to change the world and simplify routine work. The future is not far off.

About the company

The New York-based company UiPath was founded to create a software robotics platform that aims to automate all aspects of corporate operations that can be automated with low-code application technologies

The UiPath platform is designed to change the way people work. UiPath provides its customers with a robust set of capabilities to discover automation capabilities and create, manage, run, collaborate, measure and manage automation across all departments of an organization. The UiPath platform leverages artificial intelligence or AI-based computer vision capabilities so that their software robots can perform a wide range of human-like actions while executing business processes. These actions include, but are not limited to, logging into applications, retrieving information from documents, moving folders, filling out forms and updating information fields and databases.

The UiPath platform allows employees to quickly create automation for both existing and new processes. Employees can seamlessly maintain and scale automation for different deployment options, continuously improve and evolve automation, and continuously monitor and measure automation performance, all without significant technical expertise.

The UiPath automation platform is based on a set of capabilities that mimic human behavior, giving customers the ability to automate both simple and complex use cases. Automation on the platform can be created, used, managed and regulated by any employee who interacts with computers, making the platform widely applicable across all departments of an organization. Society is at a turning point in the way organizations do work, and UiPath believes that the ability to use software to enrich the employee experience will open up tremendous opportunities to drive value and efficiency. Although UiPath is still in the early stages of a multi-year journey toward a fully automated enterprise, momentum is growing as organizations around the world are just now beginning to understand the power of automation.

UiPath believes that the success of their “land and expand” business model is based on the ability to generate significant returns in a very short time frame. UiPath grows with their customers as they identify and expand the number of business processes that need to be automated, which increases the number of robots deployed and the number of users interacting with their robots. Their ability to expand within their customer base is demonstrated by their net retention rate in dollar terms, which is the rate of net increase in annual renewal rate, or ARR, from existing customers over the past 12 months. Their net retention rate in dollar terms was 153% and 145% as of Jan. 31, 2020 and 2021, respectively.

Financial indicators

  • Revenue growth YoY: 80.76%
  • Net income (loss): -92,39 mln.
  • EBITDA: -83.21 mln USD
  • PS ratio: 39.53
  • Cash flows: $461 mln
  • Assets: $866 mln
  • Liabilities: $448 mln
  • Equity: -$804 mln

UiPath reported revenue of $607.6 million for fiscal year 2021, which ended January 31, calendar year 2021, an 81% increase over sales of $336.2 million a year ago. The market leader in RPA systems remained a loss, but net losses were down significantly, from $519.9 million to $92.3 million.

Most of UiPath’s turnover in 2021 in the reporting year came from software license sales – $346 million against $201.6 million a year earlier. The company earned $232.5 million from support services, compared to $119.6 million in 2019. Services and other revenue sources added about $29.1 million to the vendor’s revenue in 2021, which is almost twice as much as in 2020.

UiPath’s revenues in the Americas reached $260 million, or 43% of the total, in fiscal 2021. A year earlier the figures were $125.4 million and 37%, respectively. In EMEA, revenues grew from $113.9 million (34% of total revenues) to $187.1 million (31%), and in Asia Pacific from $96.9 million (29%) to $160.6 million (26%).

UiPath disclosed its financials in documents the company filed with the SEC in connection with its planned offering on the New York Stock Exchange (NYSE). UiPath has chosen the ticker symbol PATH.

The filing for the SEC says that by March 2021, UiPath has about 8,000 customers, including Amazon, Bank of America, Deutsche Post DHL, Adobe, Applied Materials, Chevron and Uber.

Growth Strategy

UiPath seeks to expand market opportunities through growth strategies:

  • acquire new clients;
  • expand the existing customer base;
  • Develop our network of partners and sales channels;
  • Strengthen our technological leadership through continuous innovation and investment in our platform;
  • nurture the next generation of employees and grow our community;
  • continue to invest in our core markets;
  • pursue strategic acquisitions wherever possible.

Market and competition

According to MarketsAndMarkets’ 2018 market research report, the global intelligent process automation [IPA] market was valued at $6.25 billion in 2017 and is expected to reach $13.75 billion by 2023.
This represents a CAGR of 12.9% from 2018 to 2023.
The main drivers of the expected growth are the significant automation benefits that enterprise IT groups can gain in all aspects of software development.
In addition, the BFSI (banking, financial services and insurance) industries are expected to dominate demand for process automation through 2023, as automation can reduce costs and improve compliance, allowing employees to focus on more valuable business projects.

Main competitors

BMC Helix with Automation Anywhere and BMC
Blue Prism & Wipro
NICE
Pegasystems
KOFAX
NTT Advanced Technology
EdgeVerve Systems
FPT Software
OnviSource
HelpSystems

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