UiPath Inc., an automation software maker that could be valued at more than $20 billion, said it has filed confidentially for an initial public offering.
The size and price of the offering hasn’t been determined yet, UiPath said in a statement Thursday confirming an earlier report by Bloomberg.
The IPO could come in the first half of 2021, according to people familiar with the matter. The New York-based software maker that helps companies automate routine processes was working with JPMorgan Chase & Co., Morgan Stanley, Bank of America Corp. and Credit Suisse Group AG, Bloomberg has reported.
UiPath said in a statement in July that it was valued at $10.2 billion in a $225 million funding round. That was up from $7 billion in a previous round in April 2019.
The New York-based company specializes in robotic process automation technology, software that helps companies save time and money by automating repetitive, manual tasks such as entering data into spreadsheets. It competes with Automation Anywhere Inc., which is backed by SoftBank Group Corp.
UiPath has about $500 million in annual recurring revenue, two people familiar with the matter added.
UiPath would join a cadre of technology startups looking to go public next year, some after their listing plans were delayed by the coronavirus pandemic. Digital video-game company Roblox Corp., online dating service Bumble, grocery delivery platform Instacart Inc. and online mortgage lender Better.com are among those expected to hold IPOs, Bloomberg news previously reported.
Investors in UiPath include Accel, Sequoia Capital, Coatue Management, Tiger Global Management LLC and Tencent Holdings Ltd.
(Updates with company statement in second paragraph)
—Katie Roof with assistance from Irina Vilcu and Crystal Tse (Bloomberg)