Item 1. Business
Item 1. Business
Overview
Our automation platform is designed to transform the way humans work. We provide our customers with a robust set of capabilities that allow them to discover automation opportunities and to build, manage, run, engage, measure, and govern automations across departments within an organization. Our platform leverages the power of artificial intelligence ("AI") based computer vision to enable our software robots to perform a vast array of actions as a human would when executing business processes. These actions include, but are not limited to, logging into applications, extracting information from documents, moving folders, filling in forms, and updating information fields and databases. The ability of our robots to replicate steps performed by humans in executing business processes drives continuous improvements in operational efficiencies and enables companies to deliver on key digital initiatives with greater speed, agility, and accuracy.
Our platform interacts with and automates processes across a company’s existing enterprise stack. As a result, our customers can leverage the power of our platform without the need to replace or change existing business applications, resulting in lower overall information technology ("IT") infrastructure cost. Our platform enables employees to quickly build automations for both existing and new processes. Employees can seamlessly maintain and scale automations across multiple deployment options, constantly improve and evolve automations, and continuously track and measure the performance of automations, all without substantial technical experience.
At the core of our automation platform is a set of capabilities that emulates human behavior and provides our customers with the ability to automate both simple and complex use cases. Automations can be built, consumed, managed, and governed by any employee who interacts with computers, resulting in the potential for broad applicability across departments within an organization. Many of our customers expand the scope and size of use cases across their organizations as they quickly realize the power of our platform.
We believe that the success of our land-and-expand business model is centered on our ability to deliver significant value in a short time. We grow with our customers as they identify and expand the number of business processes to automate, which increases the number of robots deployed and the number of users interacting with robots. We have an efficient go-to-market model, which consists primarily of an enterprise field sales force supplemented by a high velocity inside sales team focused on small and mid-sized customers, as well as a global strategic sales team focused on the largest global customers.
Our mission is to unlock human creativity and ingenuity by enabling the fully automated enterprise and empowering employees through automation. Our society is at a turning point in how organizations execute work, and we believe that the ability to leverage software to enrich the employee experience will unlock tremendous value and efficiency opportunities. While we are still in the early days of a multi-year journey, momentum is growing as organizations across the world are only now beginning to understand the power of automation. We believe that we are disrupting a significant and fast-growing market and that the largely untapped opportunity ahead of us has the potential to be one of the biggest ever in enterprise software.
Trends Shaping Our Industry
Explosive growth of cloud-based applications is creating a new era of IT complexity. Businesses around the world are spending billions of dollars to adopt applications that help advance digital transformation and drive competitive advantages. With the proliferation of cloud technologies and software-as-a-service ("SaaS"), traditional software suites have been disaggregated into point solutions. For example, human capital management software has been segregated across recruiting, payroll, benefits administration, and other key business functions. As a result, enterprises have transitioned from managing a handful of multi-purpose, largely on-premises applications to managing hundreds and even thousands of specialized point solutions deployed across on-premises, cloud, and hybrid environments. These applications, which were generally not designed for interoperability, run in tandem with long-running, legacy technologies. The increasing volume of applications has a compounding effect on the complexity of business processes and the IT environments that support them.
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The benefits of digital transformation have yet to make their way to the workforce . Modern enterprise applications enable deep and nuanced functionalities, such as conducting personalized marketing campaigns, predictive service delivery, and real time visibility of goods movement across the supply chain. However, despite massive functional advancement, the true promise and potential of digital transformation—reallocating human capital towards cognitive, higher-value activities—remains elusive, which limits improvements in productivity.
Individual business processes rely on multiple business applications, and humans to orchestrate them. While specialized applications deliver extensive functionality, they do not account for the full spectrum of how work gets done. The proliferation of specialized applications has resulted in humans being the connective tissue in an enterprise, working across a wide range of applications that individually are not built to address the needs of the actual processes they are supporting. As a result, activities performed by many employees today are still manual, mundane, and administrative, taking their focus away from higher-value activities that can directly improve business performance.
Manual and repetitive tasks have a negative impact on employee experience. Employees must navigate an ever-increasing number of systems and applications to perform their day-to-day work. This dynamic forces them to constantly execute manual, time-consuming, and repetitive tasks to get their work done. The friction faced by employees often results in lost productivity that can have a direct impact on a company’s bottom line. Traditional automation solutions intended to reduce this friction have generally been designed to be used by developers and engineers, rather than the employees directly involved in executing the actual work being automated. As a result, employees are limited by the lack of flexibility of these traditional automation technologies, and employee productivity, innovation, and satisfaction suffer.
Empowering employees to automate their personal workflows is leading to a democratization of automation. The emerging workforce is developing increasingly advanced technical skills and training in automation. Individuals are entering the workforce with higher expectations related to job impact, satisfaction, and efficiency, and view software as a driving force in realizing those expectations. As a result, organizations are seeking to empower employees with tools that optimize the more tedious parts of their jobs. Together, the combination of technology that can emulate human behavior and a workforce with the knowledge and tools to create their own automations has enabled enterprises to begin to automate a significant number of use cases, from individual tasks to enterprise-wide processes.
Cost of skilled human capital is accelerating the evolution towards the fully automated enterprise. The cost of skilled human capital continues to rise due to growing demand. This trend has become particularly evident in light of the high rate of voluntary resignations following the COVID-19 pandemic, known as "The Great Resignation." We believe it is increasingly imperative for enterprises to leverage automation to liberate employees from menial, repetitive, and less productive tasks and to better utilize the positive qualities that only humans have, such as abstract thinking, making connections, dealing with ambiguity, creativity, innovation, passion, and community engagement. We believe this will drive enterprise value and greater employee engagement.
Automation is the new frontier of competitive differentiation. Enterprises want to be able to unify, tailor, and run applications without significant IT resources or changes to existing infrastructure. Automation solutions that can accurately and consistently emulate human behavior are able to work within existing business processes in a way that traditional applications cannot, allowing businesses to harness the power of their specialized applications. This new approach is disrupting traditional automation and transforming data-processing work by allowing customers to find efficiencies without materially changing business processes or infrastructure.
Competition
The market for robotic process automation ("RPA") is one of the fastest growing enterprise software markets and is increasingly competitive. We believe our competitors primarily exist across the following three categories:
• RPA software providers that offer RPA platforms, but lack end-to-end automation capabilities.
• Adjacent automation and integration platform companies, such as low-code, intelligent business process management suite ("iBPMS"), integration platform as a service ("iPaaS"), process mining, and test automation vendors, that provide additional features that can be useful for automations. We have alliances and integrations with the key vendors in each of these groups, but they often develop and market automation capabilities as extensions of their core platforms.
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• Enterprise platform vendors that are acquiring, building, or investing in RPA functionality or partnering with RPA providers.
A number of technology companies have attempted to address the automation needs of organizations through the application of business process management, application development platform offerings, RPA tools, and AI point offerings, as well as other horizontal software applications. However, these existing offerings are challenged by a number of inherent limitations, including:
• lack of an end-to-end platform;
• overreliance on application programming interfaces ("APIs");
• inability to automate across applications;
• challenges in linking AI capabilities to real-world execution;
• immature user interface ("UI") automation capabilities;
• need for changes to an enterprise's underlying infrastructure;
• unsuitability for organization-wide use;
• lack of governance capabilities at scale;
• onerous deployment;
• lack of openness and interoperability; and
• lack of an engaged user community.
Our Solution
Our platform is purpose-built to be responsive to these challenges and to advance the next generation of automation with several key strengths:
• Our open ecosystem is architecture agnostic, which allows organizations to automate existing infrastructure and accelerate digital innovation without the need to replace or make large investments in their existing infrastructure.
• Our platform’s embedded AI and machine learning ("ML") capabilities improve decisioning and information processing by adapting to constantly changing variables.
• Our robots’ ability to emulate human behavior allows organizations to leverage our platform to address a myriad of use cases, from the simple to the complex, and makes automation accessible to employees throughout an organization.
• Our multi-tenant platform is built for enterprise deployment, with security and governance at its core, and can be deployed on-premises, in a public or private cloud, or in a hybrid environment. In addition, we offer a managed, multi-tenant SaaS version called Automation Cloud, which enables our customers to begin automating without the need to provision infrastructure, install applications, or perform additional configurations.
• Our intuitive interface and low-code, drag-and-drop functionality is easy for employees to learn regardless of their technical acumen; built-in, customizable, and shareable components serve as building blocks for users to quickly and easily build and deploy automations.
• Our platform tracks, measures, and forecasts the performance of automations, enabling customers to gain powerful insights and generate key performance indicators with actionable metrics.
• Our technology democratizes automation, empowering employees and resulting in greater professional fulfillment and job satisfaction.
• Our platform was designed to enable people and robots to work together in harmony, with each focusing on the processes they execute best, to improve business outcomes. Robots execute the time-consuming, manual processes that make work less interesting and satisfying, freeing up humans to think more creatively, innovate, and solve complex problems.
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Our Platform and the Automation Lifecycle
Our platform is built to span the entire automation lifecycle. We provide our customers with a comprehensive set of capabilities to discover, build, run, manage, engage, measure, and govern automations across departments and personas within an organization:
Discover combines AI with desktop recording, back-end mining of both human activity and system logs, and intuitive visualization tools, enabling users to discover, analyze, and identify unique processes to automate in a centralized portal.
• Automation Hub is a command center that enables an organization’s center of excellence ("COE") to easily source, manage, and control the automation pipeline in one place.
• Process Mining can natively extract, transform, and log data from business applications and productivity tools to get a thorough understanding of business processes.
• Task Mining automatically identifies and aggregates employee workflow across allowed applications.
• Task Capture allows employees to document processes on their computers by simply hitting “record.”
Build offers low-code development environments with easy-to-use, drag-and-drop functionality that users in an organization can use to create attended and unattended automations without any prior knowledge of coding.
• Studio is an easy-to-use development platform designed for RPA developers looking to build complex process automations with built-in governance capabilities.
• StudioX is our low-code, drag-and-drop, citizen development platform empowering employees to automate tasks for themselves and their immediate teams.
• Document Understanding leverages AI and ML to enable software robots to extract, interpret, and process data from structured, semi-structured, and unstructured documents.
• Integration Service empowers developers to seamlessly combine UI automation with API automation.
• Marketplace offers vetted, pre-built, and reusable automaton activities and components developed by our employees, customers, partners, and students to help enterprises rapidly implement automations and save development time and costs.
Run deploys robots in highly immersive attended experiences or in standalone, unattended modes behind the scenes, and can leverage native connectors built for commonly used line-of-business applications.
• Attended Robots work side by side with people, handling workflow tasks as specified and running either on command or based on pre-defined triggers.
• Assistant is a desktop launchpad that providers users with easy access to attended automations.
• Unattended Robots are designed to work independently and can handle complex, long-running processes, working in the background and involving people as needed to validate information or handle exceptions.
• Test Robots run test automations for both RPA testing and application testing.
Manage offers centralized tools designed to securely and resiliently manage, test, and deploy automations and ML models across the entire enterprise, with seamless access, enterprise-grade security, and endless scalability of data.
• Orchestrator is the heart of an enterprise’s automation management, giving an organization the power to provision, deploy, trigger, monitor, measure, and track the successful operation of a business’s robots from any supported device. Orchestrator tracks and logs robot activity, along with what people do in tandem, to maintain strict compliance and governance through dashboards and visualization tools.
• Test Manager automates and centralizes testing to improve the quality of automations and applications before they go live, whether testing RPA workflows, web applications, enterprise applications, or mobile applications, and is seamlessly integrated with Atlassian Jira.
• Insights tracks, measures, and forecasts the performance of a single automation to the entire automation program through dashboards and one-click drilldowns, offering self-service analysis and tools to share reports with key stakeholders across the company.
• Data Service provides low-code data modeling and storage capabilities to centrally model, manage, and store automation data directly in our platform with enterprise-grade security.
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• AI Center enables organizations to integrate and deploy their own ML models, pre-built UiPath models, or custom models from a UiPath partner or other third-party into their workflows.
Engage allows our customers to manage long running processes that orchestrate work between robots and humans. From triggering robots to handling requests from robots, or consuming data that is surfaced by robots, people can easily remain a key part of the automated processes and launch, audit, and enhance automations.
• Apps enables users to easily develop a purpose-built presentation layer that acts as the interface between people and robots on a workstation desktop, tablet, or mobile phone.
• Action Center enables robots and people to collaborate more efficiently and effectively when an automation includes decisions that humans should make—such as approvals, escalations, and exceptions.
• Assistant enables users to view, manage, and set reminders for automations, as well as request to start or stop jobs and change settings based on user inputs.
• Chatbots enable users to trigger robots to accomplish tasks through conversational interfaces, social messaging apps, and even voice channels, in multiple languages.
Measure and Govern enable users to track, measure, and forecast the performance of automation in their enterprise and help businesses ensure compliance with business standards. Our platform is designed to balance compliance with empowerment through granular control of what can be automated, who can build and publish automations, and complete lifecycle management with role-based access control and enforcement. Measurement capabilities are driven by our Insights product, and Automation Ops provides policy-based administration for governance activities.
UiPath Community
We have created and cultivated a vibrant, global network of 1.9 million automation professionals who are building and sharing automations that are transforming work and their organizations. Over one million users are enrolled in UiPath Academy, our online training platform that offers free, unlimited access to learning plans based on various automation-related job roles. Approximately 1,800 universities, colleges and non-profit organizations across 68 countries are in our Academic Alliance program, which gives professors free automation curriculum to teach automation skills to future generations. As of January 31, 2022, over 2,400 trained educators have provided learning courses to more than 300,000 students since the program's launch in 2019.
Our Growth Strategies
We are pursuing a large market opportunity with growth strategies that include:
Acquire New Customers — Our market is rapidly growing and largely unpenetrated. We believe that as more organizations adopt our automation platform and experience quantifiable competitive advantages, other organizations will also adopt automation as a necessary tool to compete. Our go-to-market team sells to organizations of all sizes and across a broad range of industries. We also use an inside sales team focused on small and mid-sized businesses. We plan to continue to invest in our go-to-market team to grow our customer base both domestically and internationally.
Expand Within Our Existing Customer Base — Our customer base represents a significant opportunity for further sales expansion through the following vectors:
• deploy more software robots across different departments;
• provide more employees with their own robot assistants;
• increase adoption of platform products beyond core RPA, such as our Document Understanding offering and process discovery suite of tools; and
• expand use cases for automation in the organization
Grow and Cultivate Our Partner and Channel Network —We are focused on maintaining and growing our ecosystem of partners that build, train, and certify skills on our technology as well as those that deploy our technology on behalf of their customers.
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Continue to Innovate and Invest in Our Platform — We believe that we have built a differentiated automation platform and intend to continually increase the value we provide to our customers by investing in extending the capabilities of our platform. We have made and will continue to make significant investments in research and development to enhance our technology.
Foster the Next Generation of Work and Grow Our Community — We have built an extensive ecosystem through our Community and UiPath Academy initiatives, which support and train individuals working with our platform. We believe automation will be a foundation of the future of work and, as individuals build out their skillsets, this will drive greater adoption of our platform.
Continue to Invest in Major Markets — We believe there is a significant opportunity to expand use of our platform in the top 25 countries as measured by gross domestic product. We intend to continue to make investments to expand our sales and drive adoption of our platform throughout those markets, and believe that North America, in particular, presents an important opportunity for us.
Opportunistically Pursue Strategic Acquisitions — We have acquired businesses and technologies to drive product and market expansion. We will continue to evaluate acquisition opportunities that we believe will be complementary to our existing platform, enhance our technology, and increase the value proposition we deliver to our customers.
Sales and Marketing
We have made significant investments in our sales and marketing efforts globally, with physical sales presence in every major global software market. Our global go-to-market strategy has enabled us to establish a geographically diverse revenue and customer base with meaningful contributions across the Americas, Europe, Middle East, and Africa, and Asia Pacific and Japan.
We sell our solution through a direct sales team and through channel partnerships. Our sales organization is supported by a team of pre-sales engineers and our professional services organization that offer technical expertise to help customers speed adoption and return on investment.
We sell to organizations of all sizes across a broad range of industries, with a focus on enterprise customers. In certain geographies, we maintain specialized vertical teams that concentrate their efforts on selling to banking and financial services, healthcare, and government entities.
Our go-to-market strategy is a land-and-expand model. Our ability to expand within our existing customer base is facilitated by the breadth of our platform. Our customers frequently see rapid time-to-value with our products, and we are able to quickly expand sales within organizations as customers add features, expand use cases, and increase the number of software robots beyond their initial deployment. The potential for broad applicability of the UiPath platform enables us to sell across all levels and departments of an organization.
Our marketing team drives brand awareness, cultivates a large and growing community, and drives demand through a combination of global and local campaigns. We employ a variety of marketing tactics to reach prospective customers, including community evangelism, in-person and digital events, content marketing, digital advertising, search optimization, partner marketing, social media, and public relations. We host and present at regional and global events, including our own Forward, Together, and DevCon conferences, and our UiPath Live! and virtual Reboot Work Festival, both of which launched during the COVID-19 pandemic.
We also allow prospective customers to try our software. We provide easy access via our Community Edition and Enterprise Trial, both available online. Community Edition is offered for free to small businesses, university students, and individuals. Enterprise Trial provides prospective customers with full functionality of our platform for a limited time.
Customers
We have a large and diversified customer base across a broad range of industry sectors. We had over 10,100 and over 7,900 customers as of January 31, 2022 and 2021, respectively.
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Partnerships
We develop and maintain business and technology partnerships that help us to seamlessly integrate the latest technology into our platform and market and deliver our platform to our customers around the world.
Our business partners include more than 5,100 global and regional system integrators, value-added resellers, and business consultants. We provide tiering recognition through Diamond, Gold, Silver, and Registered levels for partners that meet competency requirements and deliver and maintain a specified number of satisfied customers. These partnerships enhance our market presence and drive greater sales efficiencies.
Our technology partners bring specialized capabilities to our platform. They collaborate with us to develop integrations that simplify the interoperability of our platform with their technology, resulting in faster time-to-value. Examples of integrations available to our customers include integrations with offerings from Amazon Web Services Inc., Alteryx, Inc., Atlassian Corp Plc, Box, Inc., CrowdStrike, Inc., DocuSign Inc., Microsoft Corporation, Oracle Corporation, Qlik Technologies Inc., Salesforce.com, Inc., SAP SE, ServiceNow, Inc., Snowflake Inc., and Workday, Inc.
We also drive innovation with leading AI technology partners that specialize in optical character recognition ("OCR"), natural language processing ("NLP"), and custom ML and AI algorithms that are additive to our platform and can enhance the long-term business outcomes for our customers’ automations. Additionally, we maintain partnerships with leading cloud vendors, such as Amazon Web Services Inc., Google Inc., and Microsoft Corporation, to both simplify the deployment of our platform and to extend our platform to offer customers the benefits of cloud-based AI capabilities.
Intellectual Property
Intellectual property rights are important to the success of our business. We rely on a combination of patent, copyright, trademark, and trade secret laws in the United States ("U.S") and other jurisdictions, as well as license agreements, confidentiality procedures, non-disclosure agreements with third parties, and other contractual protections, to protect our intellectual property rights, including our proprietary technology, software, know-how, and brand.
As of January 31, 2022, we held 31 issued patents: 24 U.S., 5 South Korea, 1 Taiwan, and 1 China. We also had 160 pending patent applications in the U.S., including 9 allowed U.S. patent applications, 124 pending Patent Cooperation Treaty applications, and 338 pending and 6 allowed patent applications in other jurisdictions. Our issued patents are scheduled to expire between October 2039 and February 2040. As of January 31, 2022, we held 11 registered U.S. trademarks, 11 pending U.S. trademark applications, and more than 670 active foreign trademark filings. As of January 31, 2022, we also held 54 internet domain names. We continually review our development efforts to assess and identify the existence and patentability of new intellectual property.
The terms of individual patents extend for varying periods of time, depending upon the date of filing of the patent application, the date of patent issuance, and the legal term of patents in the countries in which they are obtained. Generally, patents issued for applications filed in the U.S. are effective for 20 years from the earliest effective filing date of a non-provisional patent application. The duration of patents outside of the U.S. varies in accordance with provisions of applicable local law, but is typically also 20 years from the earliest effective filing date. However, the actual protection afforded by a patent varies from country to country and depends upon many factors, including the type of patent, the scope of its coverage, the availability of legal remedies in a particular country, and the validity and enforceability of the patent.
Although we rely on intellectual property rights, including patents, copyrights, trademarks, and trade secrets, as well as contractual protections to establish and protect our proprietary rights, we believe that factors such as the technological and creative skills of our personnel, development of new services, features, and functionality, and frequent enhancements to our platform are equally essential to establishing and maintaining our technology leadership position.
We control access to and use of our proprietary technology and other confidential information through the use of internal and external controls, including contractual protections with employees, contractors, customers, and partners. We require our employees, consultants, and certain other third parties to enter into confidentiality and
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proprietary rights agreements, and we control and monitor access to our software, documentation, and other confidential information. Our policy is to require all employees and independent contractors to sign agreements assigning to us any inventions, trade secrets, works of authorship, developments, processes, and other intellectual property generated by them on our behalf and under which they agree to protect our confidential information. In addition, we generally enter into confidentiality agreements with our customers and partners. See the section titled “ Risk Factors —Risks Related to Our Intellectual Property,” included in Item 1A of this Annual Report on Form 10-K, for a description of risks related to our intellectual property.
Government Regulation
Our business is and will continue to be subject to extensive U.S. federal and state and foreign laws and regulations, including laws and regulations involving privacy, data protection, security, intellectual property, competition, taxation, anti-corruption, anti-bribery, anti-money laundering, and other similar laws. Many of these laws and regulations are still evolving and are likely to remain uncertain for the foreseeable future, and these laws and regulations can vary significantly from jurisdiction to jurisdiction. The costs of complying with these laws and regulations are high and are likely to increase in the future. Further, the impact of these laws and regulations may disproportionately affect our business in comparison to our competitors that have greater resources.
In the United States, we are subject to data security and privacy rules and regulations promulgated under the authority of the Federal Trade Commission, the Electronic Communications Privacy Act, the Computer Fraud and Abuse Act, the California Consumer Privacy Act of 2018, ("CCPA"), and other state and federal laws relating to privacy and data security. The CCPA requires covered businesses to provide new disclosures to California residents and to provide them new ways to opt out of the sale of personal information, and provides a private right of action and statutory damages for data breaches. Other jurisdictions in the U.S. are beginning to propose laws similar to the CCPA.
As a result of our international operations, we must comply with a multitude of data security and privacy laws that may vary significantly from jurisdiction to jurisdiction. Virtually every jurisdiction in which we operate has established or is in the process of establishing data security and privacy legal frameworks with which we or our customers must comply. Our failure to comply with the laws of each jurisdiction may subject us to significant penalties. For example, the data protection landscape in Europe, including with respect to cross-border data transfers, is currently unstable and other countries outside of Europe have enacted or are considering enacting cross-border data transfer restrictions and laws requiring local data residency.
We must also comply with sanctions that are issued by countries in which we do business. As of March 2022, in response to Russia’s military operations in Ukraine, the U.S., the European Union ("EU"), the United Kingdom ("U.K."), Australia, Japan and other countries imposed sanctions on Russia. Russia has also started to impose sanctions. While this represents, at present, a small percentage of our business, it is a complex and rapidly evolving area.
For a discussion of the various risks we face from regulation and compliance matters, see the sections titled “ Risk Factors —Risks Related to Data Privacy and Cybersecurity” and “ Risk Factors —Risks Related to Regulatory Compliance and Governmental Matters” included in Item 1A of this Annual Report on Form 10-K.
Employees and Human Capital Resources
Workforce
Human capital is our most important asset. We were recognized as one of Inc.’s Best Workplaces for 2020 and won six Best Company awards from Comparably in 2020, including awards for Happiness, Professional Development, and Leadership. We have been able to attract and motivate exceptionally talented, educated, and experienced employees, and believe that our ability to continue to do so is critical to our success. The principal purposes of our equity and other incentive plans are to attract, retain, and motivate selected employees, consultants, and directors through the granting of stock-based compensation awards and cash-based performance bonus awards.
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As of January 31, 2022, we had a total of 4,013 full-time employees, geographically distributed as follows:
*Includes 1% in Russia, Ukraine, and Belarus combined
The following chart presents our full-time employees by financial statement line as of January 31, 2022:
We are subject to, and comply with, local labor law requirements in all countries in which we operate. We consider our employee relations to be good and we have not experienced any work stoppages. Since the beginning of the COVID-19 pandemic, the majority of our workforce has been working remotely; although we expect most of these employees to return to our offices in the future, the extent and timing of that return is still uncertain.
Culture and Values
We believe our culture and values are critical to our success and have helped us deliver tangible financial and operational benefits to our customers, employee s, and stockholders. Early on in our company’s history, we decided
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to make humility the center of our values. While humility is a muscle to be trained, we believe it should come through in everything we do.
We complement humility with our other core tenets in our culture:
• Be humble – listen, learn, help
• Be bold – challenge, seek, explore
• Be immersed – consider, reflect, imagine
• Be fast – act, preempt, experiment
In addition to our four core values, we believe open and transparent communication is critical to a high-performing business. We also believe that our employees must feel that they work in a psychologically safe environment.
We are determined to always act quickly to best serve our customers and partners, deliver on our product platform vision, and create a better place to work.
Diversity, Equity, and Belonging
We believe that diversity, equity, and belonging is a business priority and a moral imperative, driving value for our employees, communities, and customers. We are strong because we welcome diverse perspectives, experiences, and approaches. We have added dedicated diversity, equity, and belonging roles to our human resources organization and seek to create an environment where employees are valued, respected, and empowered. We are committed to challenging inequities internally and in our communities and invest in education to create equity. We increase job candidate pipeline diversity through external organizations such as Jobwel, NPower, Inroad, as well as outreach to Historically Black Colleges, Black Girls Who Code, and Women Impact Tech, and have increased focus on recruiting women into leadership roles and to our Board of Directors.
Social Responsibility and Community Initiatives
We aspire to make work more meaningful for the global community as we help accelerate human achievement. This is reflected in our desire to improve our communities by bringing our technology to underserved areas. Through our global Automation for Good initiatives, we have worked with governments during the COVID-19 pandemic to deploy our technology to assist government entities, hospitals, and non-profit organizations to improve citizen response, free health care workers to spend more time with patients, and accelerate mission objectives. As part of our commitment to make automation a force for good in the world, we have invested in research, collaborations, and partnerships to develop automation solutions to help solve global challenges and explore how to increase the positive impact of this technology for the benefit of people and our planet. Furthermore, we have supported initiatives and opportunities dedicated to improving automation skills and technology access and creating social good, having reached more than one million learners worldwide on our free online platform, UiPath Academy. Working with our partners to develop accessible paths towards fulfilling careers and foster meaningful employment opportunities remains a key priority for UiPath. In 2021 we expanded our network of partner organizations to equip students and workers with automation skills as part of our UiPath Academic Alliance program. The UiPath Foundation, a Romanian charity, aims to provide children living in poverty with the skills and tools necessary to reach their potential. In April 2021, we joined the Pledge 1% movement, and reserved 2.8 million shares of our Class A common stock to fund our social impact and environmental, social, and governance initiatives, to be distributed over ten years.
Corporate Information
We were founded in Bucharest, Romania in 2005 and incorporated in Delaware on June 9, 2015. Our principal executive offices are located at 452 5th Avenue, 22nd Floor, New York, New York 10018, and our telephone number is (844) 432-0455.
The UiPath logo, “UiPath,” “Automation Cloud,” and our other registered and common law trade names, trademarks, and service marks are the property of UiPath, Inc. or our subsidiaries. Any other trade names, trademarks and service marks used in this Annual Report on Form 10-K are the property of their respective owners.
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Available Information
Our website address is www.uipath.com. Information found on, or accessible through, our website is not a part of, and is not incorporated into, this Annual Report on Form 10-K. We file electronically with the U.S. Securities and Exchange Commission ("SEC") our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. We make available on our website at www.uipath.com, free of charge, copies of these reports and other information as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov.
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