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Wednesday 09 June 2021

UiPath growing at 64%

UipathRobotic Process Automation (RPA) software player UiPath reported its Q1 2022 results overnight, its first set of quarterlies since its jumbo IPO back in April (see - Strong debut for UiPath).

Q1 results outline the growth trajectory that the business finds itself on with first quarter Annual Recurring Revenue (ARR) growing 64% YoY to $653m. Revenue for the quarter was $186.2m, up 65% of the same quarter last year. 

Market positioning wise, UiPath finds itself in a strong position and has funds available to hit the accelerator in a number of areas. The transition to cloud remains key to the future success of the business and indeed the RPA industry more generally, and new products in the form of ‘Cloud Insights’ and ‘Automation Cloud Robots’ were launched in Q1. UiPath also ‘splashed the cash’ on the acquisition of Cloud Elements, designed to bring together Ui Automation and Computer Vision with API Management and offer both an enterprise-grade user interface (UI) and application programming interface (API) based automation capabilities in a single platform. This is all designed to give UiPath customers the option to automate processes using their preferred mix of Ui and API-based third-party automation.

UiPath is also seeing strong growth in new customers adding over 500 during the last three months. It now has 8,500 customers of which over a 1,000 spend more than $100k a year and >100 more than $1m. The company also achieved a positive operating margin of 9% in Q1 – a year ago this was at -32%.

The business now expects to exceed $700m in ARR in Q2 this year, not bad for a company that was at less than $400m at the beginning of the last financial year.

Posted by: Marc Hardwick at 08:38

Tags: results   RPA  

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