UiPath is a global software company, the leading robotic process automation (RPA) software vendor. It was founded in Bucharest, Romania, by Daniel Dines and Marius Tîrcă in 2005.
Now it is headquartered in New York City and serves customers from various industries across the globe. With its 3000+ employees, UiPath generates annual revenue of over $600M. The company went public on New York Stock Exchange on April 21, 2021.
UiPath’s software automates repetitive tasks usually performed by people. The technology gives users access to automation and AI components that can be combined to automate routine business tasks.
Its earlier products simplified tasks performed using other business software such as CRM or ERP systems in internal and back-office areas like accounting, human resources paperwork, and claims processing. Newer applications of the company’s software include coordinating with artificial intelligence systems to simplify repetitive front office tasks, including customer management. UiPath’s built-in OCR engines from Google, Microsoft, and ABBYY can read information from a screen or scanned document.
UiPath’s main product is the UiPath Automation Platform. The platform combines a family of low-code visual integrated development environment (IDE) products called Studio for process creation with client-side agents called Robots that execute those processes. The processes are deployed, monitored, and managed remotely with Orchestrator’s central management tool.
Additional available software includes:
- UiPath AI Center (previously AI Fabric) – orchestrates and inserts AI into business processes.
- UiPath Action Center – a communication tool for instances where robots need to connect with humans for direction, described by the company as “human in the loop.”
- UiPath Apps – a low-code application development platform.
- UiPath Assistant – a launchpad for automations that a company provides to its computer workers. It sits on the computer desktop and gives people easy access to selected automations that help them with their tasks.
- UiPath Automation Hub (previously UiPath Connect Enterprise) – a tool that allows every employee at an organization to help find, suggest and track new processes to automate.
- UiPath Document Understanding is software that extracts, interprets, and processes PDFs, images, handwriting, and other communication media.
- UiPath Insights – a modular data dashboard that provides analytics for UiPath’s automated processes.
- UiPath Process Mining (previously ProcessGold) – a tool that uncovers new automation opportunities by analyzing application logs.
- UiPath StudioX is a platform with simplified coding that allows workers to build their robots to simplify their work.
- UiPath Test Suite – automates and centralizes testing to ensure the quality of every automation and application before they go live.
UiPath’s software products are available as native software or the Software as a Service (SaaS) model.
- UiPath was founded in 2005 in Bucharest, Romania, as DeskOver, by Romanian entrepreneurs Daniel Dines and Marius Tîrcă.
- In 2013, the company released the first UiPath Desktop Automation product line, which gave companies RPA tools to automate manual and repetitive back-office tasks.
- In 2015, the company changed its name to UiPath. Also, in 2015, after receiving seed funding from Accel Partners and earlier investors, the company opened offices in London, New York City, Bangalore, Paris, Singapore, Washington, D.C., and Tokyo.
- By April 2016, the company had released its Front Office and Back Office Server suites and released its Studio Community Edition. Within six months, the company had 10,000 active members and more than 250 enterprise customers.
- In 2017, UiPath reported 590 employees and moved its headquarters to New York to be closer to its international customer base.
- In June 2019, research firm Gartner announced that from 2017 to 2018, UiPath moved from #5 to #1 in RPA market share. In September, UiPath was ranked #3 on the Forbes Cloud 100. The company was the featured cover story of the September 30, 2019, Forbes print edition with UiPath CEO Daniel Dines called “Boss of the Bots.”
- In October 2019, UiPath announced the acquisition of Ukrainian process documentation company StepShot and Dutch-process mining company ProcessGold. Also, in October, the company announced UiPath Explorer, a new product using technology from the acquired companies; a robot communication tool called UiPath Apps; a low code robot programming tool called UiPath StudioX; an embedded analytics tool called UiPath Insights; and UiPath Connect, a device that allowed every employee to find new processes to automate.
- In November of the same year, the company reported 5,000 customers worldwide and a developer community of more than 500,000 people. In November, the company was ranked first in the Deloitte Technology Fast 500.
- In April 2020, UiPath was named the top tech company and #2 overall in the Financial Times FT1000 ranking of Americas’ fastest-growing companies 2020. In June, UiPath was named to the CNBC 2020 Disruptor 50 ranking. In September, UiPath was ranked #3 on the Forbes Cloud 100 list for the second consecutive year. On December 17, Bloomberg reported that UiPath filed confidentially for an initial public offering (IPO).
- In April 2021, UiPath raised $1.3 billion in an initial public offering on the New York Stock Exchange in one of the largest US software IPOs in history.