The leading provider of enterprise Robotic Process Automation closed 2019 with $360 million in ARR and record customer adoption as businesses prepare for the automated enterprise
NEW YORK – February 19, 2020 – UiPath, the leading enterprise Robotic Process Automation (RPA) software company, announced today that it closed December 2019 with $360 million in Annual Recurring Revenue (ARR), with net new ARR in the fourth quarter exceeding $60 million. In July 2018, UiPath announced that it had crossed $100 million in ARR. The company’s success is driven by a rapidly growing global customer base that has reached more than 6,000 organizations and a worldwide community of nearly 750,000 RPA developers.
UiPath executives, including CFO Ashim Gupta, Chief Product Officer Param Kahlon, and CEO and Co-Founder Daniel Dines, will discuss the company’s business results – with Dines taking live Q&A – during a one-hour online event available to the public tomorrow, Thursday, February 20 at 11am ET / 4pm GMT. Gartner’s research director and former RPA practitioner, Saikat Ray, will also join to discuss the business opportunity afforded by hyperautomation, which Gartner identified as the number one technology trend for 2020. To register for this event, please visit: https://www.uipath.com/events/uipath-live.
Daniel Dines, UiPath co-founder and CEO, said:
We’re humbled to have had the opportunity to propel the RPA market, unlocking enormous pent up customer and employee frustration by the lack of digital and AI progress from legacy technologies and thinking. Today, we are delivering our most ambitious platform evolution ever – an end-to-end platform for hyperautomation – enabling a wide variety of roles throughout an organization to interact with robots every day. We still have much work to do but I am particularly excited at some of the newer use-cases that apply RPA to increasingly complex processes, demonstrating that in the Automation First era, Automation is the Application.
Commenting on UiPath’s financial performance, Dines added:
I am thrilled about the acceleration we witnessed in this past quarter. We are now adding over 10 new enterprise customers per day, we are also encouraged by the speed at which customers are scaling, evidenced by a three-fold increase in million-dollar-plus customer contracts in 2019. We are squarely focused on maintaining strong growth alongside smart, efficient operations so that we can invest confidently and deliver with quality to continue to earn our customers’ trust for the long-term.
Max Cheprasov, Chief Automation Officer at Dentsu Aegis Network, a multinational media and digital marketing communications company
Automation is a catalyst for change, driver of creativity and procurer of productivity. By leveraging UiPath, we can spot trends and uncover new opportunities to continuously improve operations and enhance employee experience. We have a number of very innovative and technologically advanced initiatives underway, which will completely transform and disrupt our business operations for the better. Automation elevates the human potential and happy employees means happy clients.
Shane Kokoruda, Eversource Energy’s Vice President of Enterprise Business Solutions
Robotic process and desktop automations are innovative solutions that help deliver value throughout the enterprise. We were excited to partner with UiPath, leveraging their attended automation capability in our Contact Centers to reduce average handle time, while providing a more consistent experience for customers and employees. We look forward to continuing to benefit from UiPath’s ease-of-development, simplified implementation, and scalability of their platform.
Dentsu Aegis Network and Eversource Energy join a growing number of customers that also joined the UiPath community in 2019 including: Air Force Personnel Center (AFPC), AIS Thailand, Bank Mandiri, China Mobile, Cleveland Clinic, CrowdStrike, Cushman & Wakefield, Danone, Grupo SURA, Huatai Securities, Piramal Group, Transdev, the United States Department of Agriculture, and Verizon.
UiPath’s #1 Market Share position, highlights from 2019 include:
- · Ranked #1 in Deloitte’s 2019 Technology Fast 500
- · Listed #3 on the Forbes Cloud 100 2019
- · Recognized as an RPA Leader in the Forrester Wave: RPA, Q4 2019, and a Leader in Gartner’s 2019 “Magic Quadrant for Robotic Process Automation Software”
- · Voted an Inc. 2019 Best Place to Work
- · Achieved highest rankings, participation, and scores by leading peer-to-peer independent customer review online platforms, including Gartner Peer Insights1, G2Crowd2 and ITCentralStation3.
From an easy-to-use and resilient RPA platform, to the end-to-end platform for hyperautomation, UiPath’s product highlights from 2019 include:
- · Evolved platform to address the entire end-to-end Automation lifecycle: Discover, Build, Manage, Run, Engage and Measure
- · Enhanced hyper-resilient operations to the UiPath Platform enabling rolling upgrades and continuous operations during upgrades that architecturally support backwards compatibility with prior activities, integrations and components – offering substantial total cost of ownership advantage.
- · Launched UiPath StudioX, a no-code automation designer that further extends the award-winning UiPath Studio capabilities to an emerging class of citizen developers
- · Unveiled UiPath Cloud Platform, building off of years of operating a multi-tenant Community Cloud, offering enterprise management SLAs to customers’ robotic operations
- · Introduced UiPath AI Fabric and new drag-and-drop AI capabilities in UiPath Studio, allowing AI algorithms and ML models to easily convert to AI Skills in UiPath Orchestrator and quickly applied to automation workflows through Studio. Data Scientists can interact with ML models, including results and outputs, through integration with any data science platform
- · Launched UiPath Process Mining and UiPath Task Capture, following the integration of the acquisitions of ProcessGold and StepShot
- · Released UiPath Automation Hub (formerly Connect Enterprise Hub) to crowdsource automation ideas and form a hub of customer automation IP documentation
- · Launched UiPath Action Center, an inbox that allows business users to interact with robotic operations, a first-of-its-kind ‘human-in-the-loop’ with unattended robots
- · Announced UiPath Insights, a new highly customizable, real-time dashboard that matches business performance outcomes with continuous robotic operations
Unmatched commitment to workforce readiness and education
With the UiPath Academic Alliance, our on-line education platform, UiPath Academy, and our people-centric connections platform, UiPath Connect!, the company is committed to training, up-skilling and re-skilling all generations of workers to ensure they can fully participate in the Automation First Era. These include pledges to country specific education goals, such as the United States White House Pledge to America’s Workers, where UiPath was in the top five of all company pledges on 2019.
George Mason University, the largest public university in the state of Virginia, joined a growing list of universities committed to a vision of A Robot for Every Student. Propelled by a donation from UiPath, George Mason University School of Business announced earlier today its intent to make software robots available to almost 9,000 students for use in every class. Last August, William and Mary introduced UiPath robots to every business school student through a credit-earning course, and then encouraged students to use robots in every class. UiPath expects by 2023 that most business school students worldwide will graduate armed with RPA as their most critical skill, making them instantly valuable to future employers.
This generous contribution of RPA software and support from UiPath will be a valuable complement to the school’s focus on the future of work, and will help our students gain insight into new models for business. The opportunity for students and faculty to work with innovators like UiPath is of immense benefit to all involved.
Maury Peiperl, dean of the School of Business
UiPath is leading the ’automation first’ era—championing a robot for every person and enabling robots to learn new skills through artificial intelligence (AI) and machine learning (ML). Through free and open training, UiPath brings digital era skills to millions of people around the world, improving business productivity and efficiency, employee engagement, and customer experience.
The company’s hyperautomation platform combines the #1 Robotic Process Automation (RPA) solution with a full suite of capabilities, including process mining and analytics, that enable every organization to scale digital business operations at unprecedented speed. The company has already automated millions of repetitive, mind-numbing tasks for businesses and government organizations all over the world, including more than 50% of the Fortune 500 and 8 of the Fortune 10.
UiPath was recently recognized as the top company on The Deloitte Technology Fast 500 for 2019, a ranking of the fastest public and private technology companies in North America, and #3 on the 2019 Forbes Cloud 100.