Daniel Dines, co-founder and CEO of UiPath, in a message to Economedia, said that today marks a major milestone for UiPath after the company was listed on the New York Stock Exchange, claiming that today marks “the beginning of a journey ”, as the company will continue to focus on expanding automation on a large scale.
Daniel Dines’ full statement sent to Economedia:
“Today marks a major milestone for UiPath. Six years ago, our company had only 10 people, working in a small apartment in Bucharest. Now, we are a multinational business operating in almost 30 countries and one of the fastest-growing enterprise software companies in history. I am also incredibly proud that we are the first company born in Romania to be listed on the New York Stock Exchange.
I look with modesty at our rapid and extraordinary growth, which has been made possible by our employees, investors, advisors, partners, and over 7,900 customers – all sharing our vision to unleash human creativity and ingenuity through Fully Automated Enterprise ™ – a fully automated organization – and supporting employees through automation.
I really want to pay special tribute to the employees of UiPath, who embody the values of our company every day and who have worked tirelessly to make our mission and vision a reality. I will be forever grateful to them for their determination, innovation, and modesty.
Although today marks a new chapter in the story of UiPath, we are still at the beginning of a journey of many years to a fully automated enterprise – a fully automated organization. We will continue to focus on expanding automation on a large scale so that we can free people from repetitive work and truly unlock human potential on a large scale.”
At 10:51 ET, after the opening of the New York Stock Exchange, the shares of UiPath traded between $ 62 and $ 64, up 14% from the target price range on the occasion of its Initial Public Offering (IPO). The software maker managed to sell 23.89 million shares at a price of $ 56 per share, raising $1.34 billion.
UiPath shares are traded on the New York Stock Exchange (NYSE) under the symbol “PATH”.
UiPath, a shareholder company that includes names such as Accel, Coatue, Dragoneer, IVP, and Sequoia, uses artificial intelligence and digital tools to help large companies and government agencies automate their routine processes in areas such as accounting and human resources.
The initial public offering of UiPath comes amid a surge in the listing of companies in the technology sector as start-ups want to take advantage of the high appetence for investors for new, high-growth shares in the technology sector.
Founded in Romania in 2005, under the name DeskOver and renamed UiPath in 2015, the company numbers among its clients entities the likes of the CIA, the US Navy, McDonald’s Corp, Duracell, and Swiss Re. In the fiscal year ended January 31, 2021, UiPath recorded a loss of $92.40 million, lower than the previous year’s loss of $519.90 million. Revenue rose to $ 607.60 million from $ 336.2 million.
Currently, UiPath wants to expand after several companies became interested in automating their processes during the pandemic to reduce costs. CEO Daniel Dines recently said that current UiPath customers in the retail, healthcare, and finance sectors are using the company’s services to cope with a significant change in demand caused by the coronavirus pandemic.
In 2018, UiPath became the first start-up founded in Romania to acquire the status of a unicorn, a company valued at over one billion dollars. Meanwhile, the company has moved its headquarters to the United States.