Romanian-founded robotic process automation (RPA) software company UiPath, recently valued at $35 billion, has filed for an initial public offering (IPO).

RPA software looks to automate repetitive digital tasks normally performed by people, such as extracting data from documents or filling in forms.

The vendor said it intends to raise over $1 billion by listing on the New York Stock Exchange (NYSE).

This marks the largest IPO for a business software company since Snowflake broke the record by raising $3.4 billion in September 2020, before its market cap rose to over $75 billion by the end of the day’s trading.

The news comes after UiPath’s $750 million funding round in February 2020 which valued UiPath at $35 billion, bringing its total funding to nearly $2 billion to date.

Previous investors in UiPath include Accel, Coatue, Dragoneer, IVP, Sequoia, Tiger Global and T. Rowe Price Associates.

The company was founded by chairman and chief executive Daniel Dines, previously a Microsoft engineer, in Bucharest, Romania in 2005.

UiPath now boasts 8,000 customers including Adobe, Uber, Autodesk, Toyota, Bank of America, and EY as customers, and operates in 30 different locations worldwide.

The filing said that the vendor’s revenues grew by 81 per cent year-on-year to $607.6 million in January 2021, while net losses fell from $519.9 million to $92.4 million.

RPA vendors are continuing to receive significant investment; Microsoft acquired Greek RPA company Softomotive in May 2020 for €100 million.

“Society is at a turning point in how organizations execute work, and we believe the ability to leverage software to enrich the employee experience will unlock tremendous value and efficiency opportunities,” said UiPath in its SEC filing. “While we are still in the early days of a multi-year journey to the fully automated enterprise, momentum is growing as organizations across the world are only now beginning to understand the power of automation.”

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