Software maker UiPath pick banks for 2021 IPO

The New York-based software program maker that helps firms automate routine processes is working with JPMorgan Chase & Co., Morgan Stanley, Credit score Suisse Group AG and Financial institution of America Corp. on the deliberate share sale, stated the folks, who requested to not be recognized as a result of the data is non-public.

The corporate’s plans, together with the timing of an inventory, may nonetheless change, the folks stated. UiPath can be speaking to different banks, one of many folks stated.

UiPath could possibly be valued at greater than $20 billion in an IPO, stated the folks. The corporate stated in an announcement in July that it was valued at $10.2 billion in a $225 million funding spherical. That was up from $7 billion in a earlier spherical in April 2019.

Representatives for JPMorgan, Morgan Stanley, Credit score Suisse and Financial institution of America declined to remark. A spokesperson for UiPath didn’t instantly reply to a request for remark.

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UiPath would be a part of a cadre of expertise startups trying to go public subsequent yr, some after their itemizing plans have been delayed by the coronavirus pandemic. Relationship app Bumble, grocery supply platform Instacart Inc. and on-line mortgage lender Higher.com are amongst these anticipated to carry IPOs, in response to folks accustomed to their plans.

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The corporate focuses on robotic course of automation expertise, software program that helps firms save money and time by automating repetitive, handbook duties comparable to coming into knowledge into spreadsheets.

UiPath’s buyers embrace Accel, Sequoia Capital, Coatue Administration, Tiger International Administration LLC and Tencent Holdings Ltd., amongst others.

By Crystal Tse and Katie Roof