RPA software giant UiPath acknowledged it intends to go public. In a statement, the New York City-based technology provider confirmed reports it has filed required paperwork with the U.S. Securities and Exchange Commission to register for a proposed public offering of its stock. The company, long thought to be headed in this direction, did not disclose how many shares would make up the offering nor a price range for those shares.
According to sources in a Bloomberg News report, the IPO would value UiPath at more than $20 billion. The New York City-based RPA technology provider announced layoffs last October, but followed that up in July with a Series E funding round of $225 million that pushed its estimated valuation past $10 billion. UiPath also topped Deloitte’s list of 2019’s fastest growing companies.
While many businesses struggled with disruptions caused by the ongoing global pandemic, providers of automation technology and services have been busy. Organizations struggling with maintaining productivity while reducing costs have increasingly turned to automation to fill operational gaps.
Sources expect the UiPath IPO to take place in the first half of 2021.