Business

Romanian Startup Makes Wall Street Splash

Born in a small Bucharest apartment for an ambitious writer, UiPath has grown into a $ 40 billion tech star after becoming the first Wall Street listed company in Romania.

Romania is often referred to as the “Silicon Valley” of Eastern Europe, and although the startup scene is thriving, no company has established a strong position in the global scene like this.

The Romanian company’s first listing on the New York Stock Exchange was the culmination of a “surreal dream,” UiPath wrote on Twitter.

UiPath posted a snapshot of the company’s first employee, writing: “Everything started in an apartment in Bucharest, where I was so absorbed in believing that 10 people could change the future of work. It’s a strange bunch.”

UiPath’s Robotic Process Automation (RPA) software replaces the human effort of repetitive tasks in seconds, from filling out forms to detecting Covid-19 cases from x-ray chest images.





UiPath states that the first Romanian company to be listed on the New York Stock Exchange is the culmination of a “surreal dream.”
AFP / Daniel Mihailesk

The company’s software robots can even “send rich, professional-looking emails on our behalf,” the company says.

The coronavirus pandemic has led people to work from home, and UiPath has never been better at promoting “software robots” as a solution and implementing automation to maintain business continuity. It was. “

“I haven’t liked to repeat things since I was a kid, so I thought it’s great to have an assistant to help you,” said Daniel, founder and CEO of UiPath. Dines said at last year’s meeting.

“So this was a robot idea for everyone,” Dines said.

Dines, who rejected AFP’s interview request, says that letting technology handle repetitive tasks can free people’s time “creatively.”



Daniel Dines, CEO of UiPath in the photo on the left, worked for Microsoft but returned to Romania in 2005. "Crazy idea" To become an entrepreneur


Daniel Dines, CEO of UiPath in the photo on the left, worked for Microsoft but returned to Romania in 2005 with the “crazy idea” of becoming an entrepreneur.
AFP / Bertland Guay

The company made its debut on the stock market on April 21, with an initial public offering of $ 56 per share.

That day, the share price rose 23%, closing at $ 69 per share and has been rising ever since.

“We’ve been global since day one,” 49-year-old Dines said in a 2019 interview. “In five years, we have grown in ten years more than any other company.”



Called UiPath Software Technology "Robot process automation," Alternatively, RPA replaces the human effort for repetitive tasks in seconds, from filling out forms to detecting Covid-19 cases from x-ray chest images.


UiPath’s software technology, called “robotic process automation” (RPA), replaces the human effort of repetitive tasks in seconds, from filling out forms to detecting Covid-19 cases from x-ray chest images.
AFP / Daniel Mihailesk

UiPath currently employs nearly 3,000 people worldwide and has approximately 8,000 companies as clients. We moved our headquarters to New York in 2017, but we have an office in Bucharest.

“We make humility a central belief in our culture,” Dines told the media in 2019.

With an estimated $ 7 billion in value, Dines has become Romania’s wealthiest businessman.

Born in Onesti, a city in eastern Romania that experienced the development of the galloping industry under the former communist regime, Dines dreamed of becoming a writer.

However, he was one of the thousands of young computer ace hired by Silicon Valley in the early 2000s.

After working for Microsoft in Seattle for several years, he returned to Romania in 2005 with the “crazy idea” of becoming an entrepreneur.

Dines, in collaboration with Romanian friend Marius Tirca, now UiPath’s chief technology officer, founded a software company called DeskOver and renamed it UiPath 10 years later.

In 2015, the company secured its first funding. € 1.6 million ($ 1.9 million) from a London-based business incubator.

UiPath provides RPA software to leading companies and government companies, from McDonald’s to Uber to NASA.

“UiPath is Europe’s most successful technology export since Spotify,” economists found last week, saying the company performed better in its stock market debut than the Swedish music streaming app.

Andrei Avadanai, founder of BitSentinel, a Romanian cybersecurity startup, described UiPath as a “model.”

“I can’t make any excuses from now on. I can’t say that there are no successful big companies that started in Romania or were created by Romanians,” he told AFP.

“UiPath had a unique experience,” he said. “I hope some of the creators of UiPath will return to Romania with some capital to invest in new startups and other businesses.”



Romanian Startup Makes Wall Street Splash Source link Romanian Startup Makes Wall Street Splash

Back to top button