Still in its first year as a public company, RPA technology provider UiPath closed out 2021 by reporting better-than-expected financial results. On a non-GAAP basis, UiPath reported it broke even, beating analysts’ expectations of a 4 cents per share loss. Total revenue rose 50 percent year-over-year to $220.8 million. The company expects revenue for Q4 to reach $283 million.
UiPath also reported $818.4 million in annualized renewal run-rate (ARR), an increase of 58 percent over last year. The New York City-based company said it focused on ARR because it illustrates its ability to acquire new subscription customers while maintaining relationships with existing customers.
“Our continued growth at scale was driven by customers across verticals and geographies who recognize that the power of automation not only increases efficiency, but also drives revenue growth and creates a significant competitive advantage,” said Daniel Dines, UiPath co-founder and CEO. “Automation is essential to digital transformation and UiPath is leading the way with our vision to deliver the fully automated enterprise where companies use automation to unlock creativity and the full potential of every worker.”
On the same day UiPath reported its fiscal Q3 earnings, the company separately announced an expanded partnership with Accenture the companies said will enable organizations to accelerate intelligent automation initiatives.
“Increased collaboration with UiPath will help our clients realize more benefits from automation and achieve even greater value from the compressed transformations they are making,” said Paul Daugherty, group chief executive – Technology and chief technology officer at Accenture. “When we automate the ordinary, we can unleash the extraordinary. Our expanded work with UiPath marks an important step forward in advancing the business and human potential of automation, combining UiPath’s powerful automation platform with Accenture’s expertise in driving transformational outcomes for its clients.”