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The intelligent process automation market is expected to grow at 13% CAGR from $10.81 billion in 2021 to $31.4 billion by 2030. New York-based robotic automation company UiPath (NYSE: PATH) recently announced its first quarter results that continue to outpace market expectations.
 

UiPath’s Financials

Revenues for the first quarter grew 32% to $245.1 million. Annual Run-Rate Revenue (ARR) grew 50% to $977.1 million. Net loss was $0.03 per share. The market was looking for revenues of $226.03 million and a net loss of $0.05 per share.

For the second quarter, UiPath forecast revenues of $229-$231 million versus the analyst forecast of $228.99 million. For the fiscal year, UiPath forecast revenues of $1.085-$1.090 billion, compared to the market’s forecast of $1.08 billion.
 

UiPath’s Partnerships

Recently, UiPath announced its partnership with Adobe that will allow it to integrate its automation platform with Adobe’s digital document generation and e-signature capabilities. The integration will allow UiPath to boost employee productivity, enhance digital customer experiences and lower costs with seamless and uninterrupted digital document workflows.

It also announced a partnership with airSlate that will allow both individuals and small businesses to create, innovate, and automate, allowing them to digitally transform their organizations to run faster, easier, and more efficiently. The partnership will also allow UiPath to advance its goal to create a new layer in the enterprise IT stack, the automation layer that will sit above existing systems and infrastructure and complete manual mundane work.

Earlier this quarter, UiPath also introduced Automation Cloud Robots that provide enterprises with an even more comprehensive automation foundation. The new SaaS robots, along with added features, will help simplify how developers create automation, uplevel security, and governance, and expand access to automation to deepen the reach of automation in the enterprise. Customers will be able to deploy unattended robots instantly without IT, resources, or infrastructure, leverage the power of UiPath Integration Service to quickly develop trigger-based automation, and see enhanced security. Additionally, for the first time, Mac users will get API and web automation, plus support for UiPath Assistant.

The company also recently joined the MuleSoft Technology Partner Program by releasing a MuleSoft Certified Connector for the UiPath Platform. MuleSoft Certified Connectors are accessible on MuleSoft’s Anypoint Exchange and are developed by MuleSoft’s partners and developer community. The UiPath connector will allow companies to simplify integration to the UiPath Platform and let them build seamless automation while harmonizing different integration approaches that address highly complex needs with scale and flexibility.

UiPath’s stock is currently trading at $19.89 with a market capitalization of $10.8 billion. It hit a 52-week high of $69.60 in July last year and a 52-week low of $13.66 in May.

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