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UiPath finds firmer financial footing with pivot to general automation and AI
UiPath was a startup darling with a $35B valuation, but the public markets proved rougher until the company diversified its product line.
“We made certain that we went deep inside accounts, building great relationships, making certain we acquired customers that have the propensity to expand and to utilize automation in their business,” he said. This overall shift in approach got the attention of investors, who prefer a multi-product platform play to a single product, said Jake Roberge, an analyst at William Blair. How much of its recent growth gains were born from operational shifts and what portion is attributable to newer AI-based revenues is not clear, but one signal that we did note in its third quarter fiscal 2024 data (the three months ending October 31, 2023) is that its net retention was 121%.
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