UiPath, Inc. - PATH STOCK NEWS

UiPath (NYSE: PATH) and Amelia have announced a strategic partnership aimed at enhancing IT service desk solutions via Conversational AI. This collaboration integrates UiPath's Business Automation Platform with Amelia’s AI to deliver a superior employee experience. The solution enables employees to request support through various channels, ensuring 24/7 responsiveness for IT issues ranging from password resets to application troubleshooting. By optimizing request handling and reducing wait times, the partnership seeks to improve employee satisfaction and productivity, a vital factor for businesses seeking efficient growth.

UiPath reported strong fourth quarter results for fiscal 2023, with ARR growing 30% year-over-year to $1.204 billion and revenue increasing 7% to $308.5 million. The company achieved net new ARR of $93.8 million and a dollar-based net retention rate of 123%. Non-GAAP operating income for the quarter was $69.2 million, contributing to a record non-GAAP operating margin. Despite a GAAP operating loss of $(45.1) million, the outlook for fiscal 2024 is optimistic, expecting revenue between $1.253 billion and $1.258 billion and ARR growth to $1.425 to $1.430 billion. The strong cash position totals $1.8 billion as of January 31, 2023.

UiPath has launched a national qualification in Robotic Process Automation (RPA) in South Africa, aiming to combat youth unemployment and skills shortages in the tech sector. Partnering with MICT SETA and other local educators, the initiative provides a clear career path for aspiring RPA Developers. This qualification, which went live in August 2022, addresses the acute demand for qualified automation talent in a country where skills shortages are a significant business risk. By equipping learners with essential RPA skills, the program hopes to enhance employability and contribute positively to the local economy.

UiPath (NYSE: PATH) has launched a new capability in its Business Automation Platform that enables data science teams to seamlessly integrate machine learning models from Amazon SageMaker into business processes. This integration simplifies the deployment of ML models, significantly reduces costs, and accelerates innovation. Users can rapidly deploy models, optimize productivity, and enhance the speed of ML innovations without coding. The partnership aims to help customers achieve faster time-to-value and operational efficiency by automating deployment processes, thereby lowering the operational burden on data science teams.

UiPath has been recognized as a Leader in The Forrester Wave™: Robotic Process Automation, Q1 2023, achieving top scores in Current Offering, Strategy, and Market Presence among 15 evaluated vendors. The analysis highlighted UiPath as the largest RPA vendor by revenue, evolving into a business automation platform with capabilities such as process mining and low-code app development. The report also praised its superior governance features and effective SaaS deployments. The recognition confirms UiPath's commitment to innovation and enhancing productivity for businesses.

UiPath (NYSE: PATH) announced that Mitsubishi Tanabe Pharma has implemented its Business Automation Platform to enhance operational efficiency. Since 2019, over 500 workflows have been automated, saving 70,000 hours and significantly improving productivity. The automation has modernized tasks such as retiree communication and R&D information gathering. The collaboration promotes a no-code/low-code development approach, empowering employees to automate tasks. UiPath aims to support Mitsubishi Tanabe Pharma's digital transformation and workforce enhancement, fostering a hybrid human-digital workforce.

UiPath, Inc. (NYSE: PATH) will disclose its fiscal fourth quarter and full year 2023 financial results on March 15, 2023, after market close. The conference call, scheduled for 5:00 pm ET, will be hosted by management to discuss these results. Investors can access a live call at 1-877-407-8309 (US/Canada) or 1-201-689-8057 (Toll). A replay and webcast will be available on UiPath's investor relations website for one year. The company's vision is to create the Fully Automated Enterprise™, leveraging their leading RPA solutions to enhance digital operations.

UiPath (NYSE: PATH) has been awarded the 2022 NorthFace ScoreBoard Service Award℠ for the third consecutive year, recognizing its excellence in customer service and support. The award is given by the Customer Relationship Management Institute (CRMI) based on customer satisfaction ratings. UiPath achieved a Customer Satisfaction (CSAT) rating of 94% in 2022, an increase from 91% in 2021, significantly surpassing the software industry average CSAT of 77%. This recognition underscores UiPath's commitment to customer-centricity and strengthening long-term customer loyalty.