UiPath Inc., a expertise firm that might be valued at greater than $20 billion, is planning on submitting confidentially for an preliminary public providing as quickly as this week, in keeping with an individual with data of the matter.
The individual requested to not be recognized as a result of the matter is personal. Representatives for UiPath didn’t reply to requests for remark.
The New York-based software program maker that helps firms automate routine processes was working with JPMorgan Chase & Co., Morgan Stanley, Bank of America Corp. and Credit score Suisse Group AG on a deliberate share sale for subsequent 12 months that might value it at greater than $20 billion, Bloomberg Information beforehand reported. No plans are remaining and the timing of the submitting might nonetheless change.
The corporate mentioned in a press release in July that it was valued at $10.2 billion in a $225 million funding spherical. That was up from $7 billion in a earlier spherical in April 2019.
The corporate focuses on robotic course of automation expertise, software program that helps firms save money and time by automating repetitive, guide duties corresponding to getting into knowledge into spreadsheets. It competes with Automation Anyplace Inc., which is backed by SoftBank Group Corp.
UiPath has about $500 million in annual recurring income, two folks acquainted with the matter added.
UiPath would be a part of a cadre of expertise startups seeking to go public subsequent 12 months, some after their itemizing plans had been delayed by the coronavirus pandemic. On-line video-game firm Roblox Corp., on-line relationship service Bumble, grocery supply platform Instacart Inc. and on-line mortgage lender Higher.com are amongst these anticipated to carry IPOs, Bloomberg information beforehand reported.
Traders in UiPath embrace Accel, Sequoia Capital, Coatue Administration, Tiger World Administration LLC and Tencent Holdings Ltd.
— With help by Irina Vilcu, and Crystal Tse