A company youve probably never heard of made IPO history this week.<\/p>\n
UiPath, an automation company, made its market debut and notched the 3rd largest US software IPO in history, behind only Snowflake (No. 1) and Qualtrics (No. 2).<\/p>\n
By markets close on Wednesday, the companys market cap had settled at a hefty $35.8B which leaves only one question<\/p>\n
The company was founded in 2005 by Romanian entrepreneurs Daniel Dines and Marius Trc.<\/p>\n
Originally called DeskOver, UiPath was based in Romania but later rebranded and moved its HQ to the US in 2017. Today, about of its ~3k employees are still based in Romania.<\/p>\n
UiPath helps enterprises automate tedious manual tasks done on computers, something they refer to as RPA or<\/p>\n
They call their automations software robots that do robot-like work for humans tasks like filling forms, moving files, inputting data, and scraping documents.<\/p>\n
The real gem is that creating these software robots requires no coding, and they can interface with existing software using AI-fueled computer vision think robots actually seeing what they click.<\/p>\n
This all rolls up into a serious business:<\/p>\n
And according to UiPath, the market for robot automation is expected to reach $30B by 2024, up from $17B in 2020.<\/p>\n
thanks to UiPaths 145% dollar retention, meaning its customers are staying and increasing budgets by 45% into the next year a strategy insiders call land and expand.<\/p>\n
But its not all robots and sunshine.<\/p>\n
UiPath will have to weather a public market thats souring for high-flying tech companies. In 2021, a cloud index of 58 cloud companies has dropped 7%; meanwhile, the Dow is up 10%.<\/p>\n
Hot Dow Summer, anyone?<\/p>\n
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Meet the $40B+ software robot maker poised to automate pencil pushing - The Hustle<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A company youve probably never heard of made IPO history this week. Continue reading