UiPath, the leader of the robotic process automation (RPA) industry, has submitted a draft registration statement on a confidential basis to the U.S. Securities and Exchange Commission (SEC) for a proposed public offering (IPO) of its Class A common stock. The company made the announcement on Thursday evening, December 17.

The number of shares of Class A common stock to be sold and the price range for the proposed offering have not yet been determined, the company said.

UiPath is expected to get a valuation of over USD 20 billion in the IPO, which will likely take place in the first half of 2021, according to Bloomberg. It has reached about USD 500 million in annual recurring revenues, according to the same source.

UiPath, valued at over USD 10 bln after its latest financing round, is the most valuable startup ever launched in Romania. The company was founded in Bucharest by two Romanian entrepreneurs, Daniel Dines and Marius Tirca. It is now based in New York and its shareholders include Accel, Sequoia Capital, CapitalG (Alphabet), Coatue Management, Tiger Global Management, and Tencent Holdings, which have financed its growth with over USD 1.2 billion in the last four years. Still, a large part of the company's development team is still based in Bucharest.

UiPath creates software robots that help companies save time and money by automating repetitive, manual tasks performed by their employees, such as entering data into spreadsheets. The company’s motto is “a robot for every person.”

editor@romania-insider.com

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