Bobby Patrick, UiPath | The Release Show: Post Event Analysis
Channel: SiliconANGLE theCUBE
Date: 21/05/2020

Bobby Patrick, CMO, UiPath sits down with Dave Vellante for The Release Show: Post Event Analysis.

#UiPathLive #theCUBE

https://siliconangle.com/2020/05/20/hyperautomation-hype-insights-behind-uipaths-intelligent-rpa-platform-uipathlive/

Is hyperautomation more than hype? Insights behind UiPath’s intelligent RPA platform

COVID-19 has brought a reality check to companies that had not adopted new technologies that would enable fast and flexible reaction to the changing economic and social situation. RPA quickly rose to the forefront as a solution.

“The luxury of time has disappeared … [companies] can’t wait months and years for digital transformation. They have to do things in days and weeks. And that’s where our technology really comes into play,” Patrick said.

In just a month, UiPath had 50 new use cases in production. One example Patrick shared was the Cleveland Clinic. Demand for its coronavirus testing facilities parking lot was causing wait times of six to eight hours, but “by putting a robot in place, within two days they got that line down by 80% or 90%,” Patrick said.

The pandemic has also spurred a recent increase in adoption of RPA by government agencies. “New York state with Governor Cuomo became a big customer of ours,” Patrick said.

While the crisis is undoubtedly bad, speeding technological advances in the famously slow public sector is an unexpected benefit. “The crisis is always the mother of invention. We can always carry forward the good things that are coming out of this crisis situation,” Patrick said.

The increase in demand is great for the bottom line, and UiPath is entering second quarter with $20-plus million in deals that are likely to close, according to Patrick. This is “a 30% increase versus how many we have today alone, so our business is now well over 400 million in [annual recurring revenue],” he said. “The reality is we have a very, very strong business.”

Does this mean UiPath is still considering an initial public offering?

“We have an aggressive plan to build out our platform for hyperautomation to continue the growth … and to do that we’re going to want capital to fuel our ambitions and to fuel our ability to serve our customers,” Patrick said. “So, I think it’s likely; we’re here to be a long-term leader in this decade of automation.”

Here’s the full conversation with Bobby Patrick, including more in-depth analysis of UiPath’s financial outlook and IPO plans: