The story of an unknown European software company that has taken over Wall Street
The listing of UiPath, a company founded in Romania that has established itself with its hyper-automation systems, starts up. Debuted better than Spotify
Wall Street Photo by Tumisu from Pixabay A company that provides "hyper-automation" software for performing repetitive tasks in office work, managed to raise $ 1.34 billion over the course of the Wall Street stock exchange listing on Wednesday, April 21. It is UiPath, a company that started in Romania and based in New York, which rose 23% on its debut on the stock exchange, reaching a market value of 35.8 billion dollars, even higher than Spotify, in its listing three years ago. To stick to a comparison with American software companies, the highest prices ever were those of Snowflake, a cloud provider (3.9 billion dollars last September) and Qualtrics (1.78 billion dollars in January), after the spin off from Sap.The valuation achieved is in line with that estimated during the last round of private financing of $ 750 million in February, when it was $ 35 billion. The private negotiation between the company and investors saw the exchange of at least 24 million shares on Tuesday, April 20, for a value of 56 dollars (already higher than forecasts). The stock closed at $ 69 per share on Wednesday. Founder Daniel Dines holds 88% of the voting rights, thanks to a share of class B shares valued at $ 7 billion (110 million shares).
Founded in an apartment in Bucharest in 2005, with ten people, UiPath has evolved to be present in 30 countries around the world, with 2863 employees, of which a quarter in the Romanian capital. Its programs can automate financial, legal and human resources operations, with a remarkable ability to retain customers: 45% spent more than the previous year. And 2020, thanks to the pandemic and the need to work from home, pushed UiPath's revenues up to 607 million dollars (+ 81%) with a cut in losses from 519.9 million dollars (2019) to 92. , 4 million in 2020. The case has attracted the attention of the American financial community: The Economist notes that Silicon Valley is losing the primacy on the brilliant startups and that, moreover, ten years ago three quarters of the early stage agreements took place in the American borders , last year the relationship with the rest of the world was reversed.
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