Romanian tech unicorn UiPath, the biggest robotic processing automation (RPA) company in the world, officially announced it will lay off about 400 employees as part of a global process of “reorganizing its functions”.

“This process comes after two years in which the company has grown at an extremely fast pace, and now it is time to evaluate the teams and internal investments. The management team has decided to reorganize business lines that don’t align with the current focus and implement changes that help maintain the UiPath organizational culture,” the company said in a press release.

Among those who will leave the company is CFO Marie Meyers, who was recruited at the beginning of this year from HP, according to media reports. The company hasn't confirmed this information yet.

Update: In a response to Romania-Insider.com, UiPath confirmed that the CFO will leave the company but said this has nothing to do with the restructuring process. "Marie Myers has decided to give up her role in UiPath for another opportunity. It's a move with no connection to the reorganization process. She will remain in the company in a transitional role until the end of the year. Steps will be taken to find a replacement, of course," an UiPath spokesperson told Romania-Insider.com.

Even with these layoffs, UiPath will end the year with 50% more employees than on January 1, 2019, the company said. UiPath currently has about 3,200 employees, 1,000 of whom work at the company's office in Bucharest.

The company currently has over 5,000 clients globally, 60% more than at the beginning of this year. Its annual recurring revenue (ARR) has reached over USD 300 million in October, double the level recorded in October 2018 (USD 150 mln) and 12 times the level in October 2017 (USD 25 mln). Moreover, the company estimates that the fourth quarter will be “a very good one”.

“Our estimates show that UiPath has a share of 20% of the global Robotic Process Automation (RPA) market. We closed the third quarter with 5,027 clients and we sign contracts with about nine new clients every day. Among our clients are big enterprises from all industries and from the public sector (Walmart, Verizon, GE, ExxonMobil, PepsiCo, Amazon, PwC, UnitedHealth, etc.). Eight of the Fortune 10 companies and 62% of the Fortune 500 companies are UiPath clients,” the company said.

The information about this restructuring came one week after a two-day conference on the future of RPA UiPath had in Las Vegas, at the Bellagio. Moreover, the company announced last week two new acquisitions: ProcessGold, a leading process mining vendor based in the Netherlands, and StepShot, a leading provider of Process Documentation software.

Launched in Bucharest by Romanian entrepreneurs Daniel Dines and Marius Tirca, UiPath had become one of the fastest-growing tech companies. Its market value reached USD 7 billion after a USD 568 million Series D funding round, turning CEO Daniel Dines, who holds a 20% stake, into “the first bot billionaire”, according to Forbes.

editor@romania-insider.com

(Photo source: UiPath Facebook page)