UiPath, the RPA firm that went public a year ago, was once scorching in a scorching market. Consider that in February 2021, it raised $750 million at a staggering $35 billion value. It went public a few months later amid much fanfare, and it finished the first day of trading above that ultimate valuation. The future seems promising, but the reality of operating as a public corporation has proven difficult. Its market capitalization is now around $10 billion, a significant decrease from its final private value. The stock price hit a 52-week high of $90.00 a share, a 52-week low of $17.66, and is now up over 2% on the news to $18.61 this afternoon.
Perhaps that’s why the firm has enlisted the support of a seasoned executive, announcing today that Rob Enslin, most recently the VP of sales at Google Cloud, will share CEO responsibilities with founder and current CEO Daniel Dines. Enslin has been a part of the company for decades. He spent 27 years with SAP, his final position being head of the cloud business group and member of the executive board. He was instrumental in turning Google Cloud around, with the firm achieving 10% market share for the first time, boosting revenue, and providing seasoned sales leadership to Google Cloud CEO Thomas Kurian.
This move, according to Holger Mueller of Constellation Research, is a huge success for UiPath. “UiPath made a tremendous hire with a CEO who knows every major CEO and CIO. This is exactly how UiPath should be approached right now: from the top, as a business acceleration tool,” he explained. While UiPath has suffered in the stock market, it remains a significant company. For the first quarter of FY2023, the business expects sales of between $223 and $225 million, with total estimated revenue exceeding $1 billion in 2023. According to the corporation, the total addressable market is $60 billion.
Enslin’s leadership expertise, particularly in corporate sales, could be able to assist right the ship. Dines feels that a co-CEO role, as seen at SAP, Oracle, and Salesforce, might be beneficial at a pivotal point in the company’s development. “As my co-CEO, Rob will concentrate on growing our company. This will free me up to focus on our company’s culture, goals, and product development. This is where I can ensure that we establish a business that you want to come to work every day and that delivers the highest value to our clients,” Dines said in an email to staff that was posted in a blog post announcing Enslin’s recruitment.
For Enslin, it was a fantastic chance to lead a firm with enormous potential. “I am convinced that there is a big chance to redefine how businesses are conducted, and that digital technology should be at the heart of this new way of working.” “As we move ahead to the company’s next phase of growth, I’m dedicated to helping UiPath capitalize on its momentum,” he said in a statement. His LinkedIn page indicates that he will begin working at UiPath this month, although the official start date is May 16. Enslin faces a huge task ahead of him, but if his time at Google Cloud is any indicator, he’ll be able to steer UiPath in the correct direction.
