UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): March 30, 2022
UiPath, Inc.
(Exact Name of Registrant as Specified in Charter)
| Delaware | 001-40348 | 47-4333187 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 452 5th Avenue, 22nd Floor | ||
| New York, New York | 10018 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (844) 432-0455
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| Class A Common Stock, par value $0.00001 per share |
PATH | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Appointment of Chris Weber
Effective April 4, 2022, the board of directors (the “Board”) of UiPath, Inc. (the “Company”) appointed Chris Weber, age 57, as the Company’s Chief Business Officer.
Mr. Weber has most recently served as Microsoft’s Corporate Vice President of their Corporate and SMB Commercial team from 2017 to the present. Previously, from 2014 to 2017, Mr. Weber served in various roles of increasing responsibility at Microsoft. Mr. Weber earned his bachelor’s degree in business administration from the University of Mount Union. Mr. Weber has not engaged in any transactions with the Company that are required to be reported pursuant to Item 404(a) of Regulation S-K.
Departure of Thomas Hansen
On March 30, 2022, UiPath announced that Chief Revenue Officer Thomas Hansen is leaving the Company to pursue other opportunities. Mr. Hansen will remain with the Company through the end of the first quarter fiscal 2023 to assist with the transition.
| Item 7.01 | Regulation FD Disclosure. |
On March 30, 2022, the Company issued a press release announcing the appointment of Mr. Weber and the departure of Mr. Hansen. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 7.01, including Exhibit 99.1, is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall the information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in any such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| 99.1 | Press Release, dated March 30, 2022 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| UIPATH, INC. | ||||||
| Date: March 30, 2022 | By: | /s/ Brad Brubaker | ||||
| Name: | Brad Brubaker | |||||
| Title: | Chief Legal Officer & Secretary | |||||
Exhibit 99.1
UiPath Announces Executive Leadership Changes, Names Chris Weber
Chief Business Officer
Former Microsoft executive Chris Weber to oversee sales and services, and global partner
programs
NEW YORK, NY, March 30, 2022 – UiPath (NYSE: PATH), a leading enterprise automation software company, today announced that Chris Weber is joining the Company’s executive team to become its first-ever Chief Business Officer effective April 4, 2022. A former Microsoft executive that brings more than 25 years of enterprise software experience, Weber will be responsible for leading global go-to-market strategy and execution at UiPath, and will guide worldwide sales, services, and other go-to-market operations including its partner organization.
Weber joins UiPath most recently from Microsoft, where he served as Corporate Vice President of Microsoft’s Corporate and Small and Medium-Sized Business commercial team and led Digital Sales across the commercial business. In that role, Weber helped to transform sales and marketing across the organization and was responsible for leading a team driving growth and new customer acquisition across customer solution areas, including Modern Work, Business Applications, Infrastructure, and Data and Artificial Intelligence. His team also recruited and built one of the world’s largest cloud ecosystems of channel partners. Weber also spent time at Nokia where he led the Company’s re-entry into the North American market.
“It’s an incredible opportunity to join UiPath and lead this highly-talented go-to-market team. The meaningful value that UiPath creates for its customers through its end-to-end automation platform is essential to digital transformation and what is driving the Company’s success,” said Weber. “I’m committed to helping UiPath build on its momentum and allocate resources against its greatest potential. UiPath has a talented management team, a unique culture and purpose, and tremendous potential. I look forward to putting my background and skills to work to help achieve greater results.”
“UiPath has a track record of growth at scale. Looking ahead, we expect to surpass $1 billion in ARR in fiscal year 2023 in a total addressable automation market of $60 billion. To achieve our potential we are focused on identifying world-class leaders who bring a deep background in scaling and inspiring global teams,” said UiPath Co-Founder and CEO Daniel Dines. “We welcome Chris at this important inflection point for the Company and are fortunate to have experienced and passionate sales leaders in every part of the world who are working relentlessly to support our mission to accelerate the adoption of enterprise automation.”
UiPath also announced that Chief Revenue Officer Thomas Hansen is leaving the Company to pursue other opportunities. Mr. Hansen will remain with the Company through the end of the first quarter fiscal 2023 to assist with the transition.
“Our leadership team has made significant investments in our go-to-market talent to continue to expand our global reach and to deliver the best experience possible to our customers. We remain committed to the initiatives underway and thank Thomas for his contributions,” continued Dines. “We expect a smooth transition across our go-to-market team as we continue to focus on serving our customers and delivering the promise of automation.”
Forward Looking Statements
Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “outlook,” “seeks,” “should,” “will,” and variations of such words, including the negatives of these words or similar expressions.
We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions.
These forward-looking statements include, but are not limited to, statements regarding our expectations regarding our ARR in fiscal 2023, the total addressable market for automation software, our ability to add and integrate talent to our go-to-market team and the adoption of enterprise automation. Accordingly, actual results could differ materially or such uncertainties could cause adverse effects on our results. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: (1) our recent rapid growth, which may not be indicative of our future growth; (2) our limited operating history; (3) our ability to successfully manage our growth; (4) our ability and the ability of our platform to satisfy and adapt to customer demands; (5) our dependency on our existing customers to renew their licenses and purchase additional licenses and products from us and our channel partners; (6) our ability to attract and retain customers; (7) the competitive markets in which we participate; (8) general market, political, economic, and business conditions; (9) our ability to maintain and expand our distribution channels; (10) our ability to retain and motivate our management and key employees and integrate new team members and manage management transitions; (11) unfavorable conditions in our industry, the market, political, economic, and business conditions, including geo-political turmoil as caused by the Russian military operation in the Ukraine; (12) our reliance on third-party providers of cloud-based infrastructure; and (13) the potential impact that the COVID-19 pandemic and any related economic downturn could have on our or our customers’ businesses, financial condition and results of operations.
Further information on risks that could cause actual results to differ materially from our guidance can be found in our Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2021 filed with the SEC on December 10, 2021 and in our Annual Report on Form 10-K that will be filed for the annual period ended January 31, 2022 and other filings and reports that we may file from time to time with the SEC. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements.
About UiPath
UiPath has a vision to deliver the Fully Automated Enterprise™, one where companies use automation to unlock their greatest potential. UiPath offers an end-to-end platform for automation, combining the leading Robotic Process Automation (RPA) solution with a full suite of capabilities that enable every organization to rapidly scale digital business operations.
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Contacts
Media Contact
Toni Iafrate
UiPath
pr@uipath.com
Investor Relations Contact
Kelsey Turcotte
UiPath
investor.relations@uipath.com