In an SEC filing, RPA technology provider UiPath said it will be reducing its total workforce of 4,200 employees by five percent over the summer as part of a restructuring plan focused on profitability.
The plan, approved by UiPath’s board of directors on June 24, is “aimed at simplifying our go-to-market approach starting with an alignment that we believe will result in better market segmentation, higher sales productivity, and best-in-class customer experience and outcomes.”
The filing is the latest of a number of significant moves made by the company since its IPO more than a year ago. Most recently, UiPath named Robert Enslin as co-CEO to focus on growth, sharing duties with founder Daniel Dines, who is responsible for maintaining the culture and vision of the company.
Since the organization’s IPO in April 2021, when it debuted at $56 per share and surged to around $80, investors have shied away from it. On June 27, shares of UiPath closed at $21.36. The company hopes its restructuring plan will result in higher profits for what is the most recognizable name in the RPA space.