UiPath, among the first process automation software providers to make agentic AI its focus, has acquired WorkFusion to bolster its agentic platform. WorkFusion, founded in 2010 as an MIT Labs project, has evolved over its existence into a pioneer in the development of AI agents specifically built for financial compliance, anti-money laundering (AML) efforts and know-your-customer (KYC) operations. Financial terms of the deal were not disclosed.
UiPath will integrate WorkFusion’s existing library of AI agents into its platform to automate labor-intensive workflows for banks and financial services companies engaged in highly regulated activities like credit decisioning and risk management. Other activities WorkFusion’s AI agents have automated include adverse media monitoring, sanctions screening alert review and transaction monitoring investigations.
“Financial institutions need intelligent solutions to combat sophisticated financial crimes and navigate evolving compliance requirements,” said Daniel Dines, CEO of UiPath. “Incorporating WorkFusion’s purpose-built AI agents for financial crime compliance into our platform expands our portfolio of agentic AI solutions for these industries, extending our ability to deliver comprehensive business orchestration and automation solutions to our customers. We’re delivering a powerful set of AI-powered solutions capable of automating and orchestrating critical compliance processes and workflows while working alongside people to deliver impact.”
WorkFusion is the most recent acquisition for UiPath, which has added capability through M&A activity several times in the recent past. Less than a year ago, the company targeted another agentic AI provider. U.K.-based Peak was well-known for building AI agents enabling automation of inventory and pricing management.
In August 2022, UiPath snatched up Re:Infer, another company based in the U.K. that specialized in using natural language processing to ingest unstructured data into automated workflows. A year before that, it acquired Cloud Elements to make API integration more efficient.
Cloud Elements’ founder Mark Geene, who now serves as UiPath’s senior vice president and general manager of AI Products and Platform, recently sat down with Automation Today to talk about how the expertise gained by UiPath in each of these acquisitions forms a coherent, strategic whole the company believes puts it in an enviable position moving into an AI-driven age.
