ECONOMY

$35 Billion Automation Software Maker UiPath Files to Go Public

UiPath Inc., a software maker valued at $35 billion after a funding round this year, filed for an initial public offering showing revenue increased 81% year over year.

The company in a filing Friday listed the size of its IPO as $1 billion, a placeholder that could change when it sets terms for the share sale.

UiPath specializes in robotic process automation technology, software that helps companies save time and money by automating repetitive, manual tasks such as entering data into spreadsheets. It competes with Automation Anywhere Inc., which is backed by SoftBank Group Corp.

UiPath, which started in Romania and is now headquartered in New York, said in December that it had filed confidentially for an IPO.

The company said in its filing with the US. Securities and Exchange Commission that it generated a net loss of $92 million on revenue of $608 million in the 12 months ending Jan. 31. That compared to a net loss of $520 million on revenue of $336 million a year earlier.

It burned less cash for the year ended Jan. 31, disclosing operating cash flow of $29 million compared to losing $359 million a year earlier.

UiPath raised $750 million in a funding round led by Alkeon Capital and Coatue, according to a statement in February. Altimeter Capital Management, Dragoneer, IVP, Sequoia Capital, Tiger Global Management and funds advised by T. Rowe Price Associates Inc. also participated in that round.

UiPath said in July that it was valued at $10.2 billion after a $225 million funding round. Other investors in the company include Accel, Alphabet Inc.’s CapitalG, Kleiner Perkins and Meritech Capital Partners.

UiPath plans for its shares to trade on the New York Stock Exchange under the symbol PATH.

The IPO is being led by Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp., Credit Suisse Group AG, Barclays Plc and Wells Fargo & Co.

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