UiPath is seeking to hire IPO underwriters as it gets ready to go public in 2021, the sources said, cautioning that the timing, valuation and deal size are subject to market conditions.
The company currently generates over $400 million in annual revenue, one of the sources added.
The sources requested anonymity as the matter is confidential. UiPath declined to comment.
UiPath helps companies automate repetitive and routine tasks in areas such as accounting, human resources and information technology. It was founded in 2005 in Romania by former Microsoft executive Daniel Dines and Marius Tirca.
UiPath’s business has benefited from the shift to remote working during the pandemic, which has driven companies to intensify their search for automated solutions.
UiPath's IPO would make it the latest U.S. software company to go public. Data warehouse company Snowflake Inc SNOW.N raised more than $3 billion last week in the largest IPO of the year, while Unity Software raised $1.3 billion in an upsized IPO.
Other high-profile debuts are lined up before the end of the year, with the likes of Palantir Technologies, Airbnb, Asana and DoorDash all set to go public in the coming weeks.
UiPath was initially named DeskOver, before it was rebranded as UiPath in 2015 and its headquarters were moved to New York in 2017.
UiPath has so far raised over $1 billion in funding from venture capital investors such as Accel, Sequoia Capital, Coatue Management and CapitalG, and was valued at $10.2 billion after its last funding round earlier this year.
UiPath competes against the likes of SoftBank-backed Automation Anywhere and United Kingdom-based Blue Prism. Reporting by Anirban Sen in Bengaluru and Krystal Hu in New York; Additional reporting by Joshua Franklin in Boston; Editing by Tom Brown