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UiPath Extends RPA Market Leadership, Readies for HyperautomationUiPath, the leading enterprise Robotic Process Automation (RPA) software company, announced today that it closed December 2019 with $360 million in Annual Recurring Revenue (ARR), with net new ARR in the fourth quarter exceeding $60 million. In July 2018, UiPath announced that it had crossed $100 million in ARR. The company's success is driven by a rapidly growing global customer base that has reached more than 6,000 organizations and a worldwide community of nearly 750,000 RPA developers. UiPath executives, including CFO Ashim Gupta, Chief Product Officer Param Kahlon, and CEO and Co-Founder Daniel Dines, will discuss the company's business results - with Dines taking live Q&A - during a one-hour online event available to the public tomorrow, Thursday, February 20 at 11am ET / 4pm GMT. Gartner's (News - Alert) research director and former RPA practitioner, Saikat Ray, will also join to discuss the business opportunity afforded by hyperautomation, which Gartner identified as the number one technology trend for 2020. To register for this event, please visit: https://www.uipath.com/events/uipath-live. "We're humbled to have had the opportunity to propel the RPA market, unlocking enormous pent up customer and employee frustration by the lack of digital and AI progress from legacy technologies and thinking," said Dines. "Today, we are delivering our most ambitious platform evolution ever - an end-to-end platform for hyperautomation - enabling a wide variety of roles throughout an organization to interact with robots every day. We still have much work to do but I am particularly excited at some of the newer use-cases that apply RPA to increasingly complex processes, demonstrating that in the Automation First era, Automation is the Application." Commenting on UiPath's financial performance, Dines added: "I am thrilled about the acceleration we witnessed in this past quarter. We are now adding over 10 new enterprise customers per day, we are also encouraged by the speed at which customers are scaling, evidenced by a three-fold increase in million-dollar-plus customer contracts in 2019. We are squarely focused on maintaining strong growth alongside smart, efficient operations so that we can invest confidently and deliver with quality to continue to earn our customers' trust for the long-term." "Automation is a catalyst for change, driver of creativity and procurer of productivity. By leveraging UiPath, we can spot trends and uncover new opportunities to continuously improve operations and enhance employee experience," said Max Cheprasov, Chief Automation Officer at Dentsu Aegis Network, a multinational media and digital marketing communications company. "We have a number of very innovative and technologically advanced initiatives underway, which will completely transform and disrupt our business operations for the better. Automation elevates the human potential and happy employees means happy clients." "Robotic process and desktop automations are innovative solutions that help deliver value throughout the enterprise," says Shane Kokoruda, Eversource Energy's Vice President of Enterprise Business Solutions. "We were excited to partner with UiPath, leveraging their attended automation capability in our Contact Centers to reduce average handle time, while providing a more consistent experience for customers and employees. We look forward to continuing to benefit from UiPath's ease-of-development, simplified implementation, and scalability of their platform." Dentsu Aegis Network and Eversource Energy join a growing number of customers that also joined the UiPath community in 2019 including: Air Force Personnel Center (AFPC), AIS Thailand, Bank Mandiri, China Mobile, Cleveland Clinic, CrowdStrike, Cushman & Wakefield, Danone, Grupo SURA, Huatai Securities, Piramal Group, Transdev, the United States Department of Agriculture, and Verizon. UiPath's #1 Market Share position, highlights from 2019 include:
From an easy-to-use and resilient RPA platform, to the end-to-end platform for hyperautomation, UiPath's product highlights from 2019 include:
Unmatched commitment to workforce readiness and education
George Mason University, the largest public university in the state of Virginia, joined a growing list of universities committed to a vision of A Robot for Every Student. Propelled by a donation from UiPath, George Mason University School of Business announced earlier today its intent to make software robots available to almost 9,000 students for use in every class. Last August, William and Mary introduced UiPath robots to every business school student through a credit-earning course, and then encouraged students to use robots in every class. UiPath expects by 2023 that most business school students worldwide will graduate armed with RPA as their most critical skill, making them instantly valuable to future employers. "This generous contribution of RPA software and support from UiPath will be a valuable complement to the school's focus on the future of work, and will help our students gain insight into new models for business," said Maury Peiperl, dean of the School of Business. "The opportunity for students and faculty to work with innovators like UiPath is of immense benefit to all involved."
About UiPath
The company's hyperautomation platform combines the #1 Robotic Process Automation (RPA) solution with a full suite of capabilities that enable every organization to scale digital business operations at unprecedented speed. The company has already automated millions of repetitive, mind-numbing tasks for businesses and government organizations all over the world including approximately 50% of the Fortune 500. UiPath was recently recognized as the top company on Deloitte's 2019 Technology Fast 500, a ranking of the fastest public and private technology companies in North America, and #3 on the 2019 Forbes Cloud 100.
1 https://www.gartner.com/reviews/market/robotic-process-automatio-software/vendor/uipath/alternatives
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