US-based robotic process automation (RPA) technology provider UiPath filed for a $1bn initial public offering on Friday that would represent an exit for internet technology conglomerate Alphabet and internet group Tencent.
UiPath produces RPA software which enables systems to replicate human behaviour, automating a range of business processes. It has almost 8,000 customers and made approximately $608m in revenue in 2020 while cutting its net loss from $520m to $92.4m.
The company, which was valued at $35bn in its most recent round, has raised about $2.05bn in funding, taking $153m in a March 2018 series B round led by Accel that included $35m from Alphabet unit CapitalG and additional cash from Kleiner Perkins Caufield & Byers and existing backers Credo Ventures, Seedcamp and Earlybird.
The series B funding was secured at a $1.1bn valuation, and UiPath closed a series C round co-led by CapitalG, which invested $100m, and Sequoia Capital at $265m eight months later. They were joined by Accel, IVP, Madrona Venture Group and Meritech Capital.
UiPath was valued at $7bn following a $568m series D round in mid-2019 that was led by Coatue and which also featured CapitalG, Accel, Sequoia, IVP, Madrona Venture Group, Dragoneer, Wellington Management, Sands Capital and funds and accounts advised by T Rowe Price.
Alkeon Capital Management led UiPath’s $225m series E round in July 2020 at a $10.2bn valuation, investing with Tencent, Coatue, Dragoneer, Sequoia, IVP, Accel, Madrona Venture Group, Wellington Management, Tiger Global Management and funds and accounts advised by T Rowe Price.
The company’s most recent funding came last month when it received $750m in a series F round co-led by Alkeon Capital Management and Coatue that included Altimeter Capital, Dragoneer, IVP, Sequoia Capital, Tiger Global and funds and accounts advised by T Rowe Price.
UiPath is issuing class A shares in the offering, and Accel owns 28.5% of its 369 million class A’s, while Earlybird has 11.4% and CapitalG 8.3%. Daniel Dines, UiPath’s co-founder, chairman and CEO, owns all of more than 110 million class B shares.
The offering is set to take place on the New York Stock Exchange and Morgan Stanley and JP Morgan Securities are the representatives for the 21 underwriters.
The underwriter list includes BofA Securities, Credit Suisse Securities (USA), Barclays Capital, Wells Fargo Securities, SMBC Nikko Securities America, BMO Capital Markets, Mizuho Securities USA, KeyBanc Capital Markets and TD Securities (USA).
Truist Securities, Cowen and Company, Evercore Group, Macquarie Capital (USA), Nomura Securities International, RBC Capital Markets, Canaccord Genuity, DA Davidson, Oppenheimer and Needham & Company fill out the list.
