UiPath

UiPath offers a low-code process automation platform that includes a suite of products that spans across the entire automation lifecycle—from process discovery to automation development and management. These include: 1) Process discovery tools that include process and task mining tools, as well as idea capture and management; 2) development tools that include robotic process automation (RPA) software, process orchestration, and intelligent document processing; and 3) operations tools that include automation performance analytics. 

Users can build automation for a range of repetitive tasks, such as logging into applications, data extraction, moving folders, filling forms, and updating information fields, across a range of business functions like HR, IT, and compliance. 

In October 2023, the company launched “Autopilot,” a GenAI-powered tool that enables users to automate using natural language. Users can convert documents such as PDFs and images into automation applications, accelerate process testing, and filter, summarize, and create dashboards for process mining. 

UiPath has also expanded its presence in the automation space through acquisitions. In March 2021, the company acquired Elements, an API integration platform, for an undisclosed amount. It leveraged the acquisition to provide API-based automation capabilities to its clients. UiPath went on to acquire Re:infer, a natural language processing platform, in August 2022 to provide its users with the capability to deploy custom machine-learning models to analyze documents and communications data.

Key partnerships and customers

UiPath has an extensive partner ecosystem with a range of companies including technology partners that develop integrations for the platform, such as Adobe, Alteryx, DocuSign, Salesforce, and OutSystems, as well as cloud providers like AWS, Google, and Microsoft. The platform provides users access to over 1,400 reusable automation integrations and components to multiple applications, databases, and systems (as of October 2023).

In October 2023, UiPath partnered with Apprio, a healthcare technology provider, to leverage the company’s revenue cycle management capabilities to offer managed automation services to mid-market healthcare organizations. During the same period, it also partnered with Teradata to enable its ESG clients to automate complex data applications from dashboards to GenAI and large language models (LLMs). Furthermore, in September 2022, the company partnered with Microsoft to offer over 80 integrations between its automation platform and Microsoft Azure to joint customers via the Azure Marketplace. Furthermore, the company announced that it would be integrating with the Microsoft Power Platform.

As of January 2023, UiPath served over 10,800 customers across a range of industries, including the American Red Cross, BMW Group, Carlsberg, Fujifilm, Japan Airlines, Korea Telecom, and the US Department of Defense. 

Funding and financials

The company generated USD 1.1 billion in revenue in FY2023 (ending January 31). However, the company was yet to turn profitable with an operating loss of USD 348.3 million. The company expected revenue to reach USD 1.27 billion–1.28 billion in FY2024 (implying YoY growth of ~15%–16%).