RPA provider UiPath files confidential IPO papers with SEC

New York headquartered robotic process automation (RPA) software company UiPath on Thursday said it has filed a draft registration statement with the US Securities and Exchange Commission (SEC) for a public offering. 

It is unclear how much the company looks to raise through the offering.

The software decacorn, valued at $10.2 billion in July, has raised over $1.2 billion from multiple investors so far. Its last fundraise, a $225 million Series E round, was led by Alkeon, with participation from returning investors Accel, Coatue, Dragoneer, IVP, Sequoia Capital, Tencent, Tiger Global and others. 

As part of the funding round, the company had stated that it has an annual recurring revenue of $400 million, a four-fold increase over 24 months. The Covid-19 pandemic has increased the demand for RPA software, with companies switching to remote working. According to a UiPath-commissioned study with Forrester Consulting titled The future of work is still being written, the pandemic has pushed digital transformation efforts including increased spends on RPA.

Watch: UiPath’s Raghunath Subramanian on India’s role in RPA boom

Founded in 2005 in Romania by Daniel Dines and Marius Tirca, UiPath offers an end to end platform for hyperautomation for enterprises. The company has previously claimed to have automated repetitive tasks for over 65% of the Fortune 500 companies. 

UiPath now joins the list of other enterprise software companies, including artificial intelligence platform C3.ai and cloud software company Snowflake, as a contender for the biggest IPO in the US. 

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In May UiPath had rolled out an updated version of its business partner program to help enterprises with hyperautomation. The company also appointed Renzo Taal to lead the Europe, Middle East and Africa (EMEA) business in October.