Robotic Process Automation (RPA) software provider UiPath has hired Google Cloud and SAP veteran Robert Enslin as co-CEO-a title he will share with UiPath founder Daniel Dines. The high-profile UiPath hire comes amid some concerns about slowing growth at the RPA software company-although UiPath insists everything is in order in the business, which includes growing partner relationships with global system integrators (GSIs) and distribution partners.
In a prepared statement about Enslin’s participation in UiPath, Dines said:
UiPath Co-CEOs Daniel Dines and Robert Enslin
“In this era of accelerating digital transformation, UiPath has never been more strategic for our customers focused on using automation to achieve competitive differentiation and operational excellence. I will include Rob as my partner as we focus on growth in size and building a company that re-imagines how business is done. Rob brings the right balance of experience and skills to measure our operations, allowing me to focus on our company’s culture, vision, and product innovation, areas that interest me – and bring significant value to our employees and customers. “
Enslin was formerly president of cloud sales at Google Cloud. Earlier, he spent nearly 30 years at SAP – later rising as president of the ERP software company’s cloud business group.
UiPath doesn’t exactly describe how Dines and Enslin will share co-CEO responsibilities, but it’s a safe bet that Enslin will focus on accelerating revenue. In a blog, Dines mentions:
“As my Co-CEO, Rob will focus on scaling our business. This will allow me to focus on our company culture, vision, and product innovation.
Enslin is UiPath’s second high-profile executive hire in recent weeks. The company in March 2022 hired Microsoft veteran Chris Weber as chief business officer. Weber will oversee UiPath’s go-to-market strategy-along with its partner organizations.
UiPath: Robotic Process Automation Software Revenue Reality Check
Enslin and Weber came to UiPath at a time of continued growth for the RPA software market – though critics are wondering if the overall growth rate is starting to slow. The quick math looks like this:
- UiPath’s revenue was $ 289.7 million in Q4 of fiscal 2022, up 39 percent from Q4 of fiscal 2021.
- Also, UiPath announced a net loss of $ 63.1 million for the quarter, compared to $ 26.2 million net income in Q4 of fiscal 2021.
The result: UiPath’s stock fell approximately 25 percent amid poor earnings forecasts on March 31, 2022. There was a somewhat relevant warning when Hyperscience laid off 100 employees in early March 2022.
However, UiPath sees many opportunities in the future – including growing relationships with many global system integrators. The company in March 2022 had 5,100 partners – including names like Ingram Micro, Deloitte, Finastra and ISID, according to UiPath executives.
RPA Software: Market Forecast
Despite UiPath’s seemingly growing pain, the overall automation software market appears to be strong and growth in the RPA software segment also appears to be strong – at least in terms of overall market forecasting.
In fact, the global robotic process automation market is expected to reach $ 10.7 billion by 2027, expanding at a CAGR (compound annual growth rate) of 33.6% from 2020 to 2027, according to Grand View Research Inc.
Amid the growth of the RPA market, many companies are acquiring RPA software providers and related RPA consulting skills.
RPA’s major enterprise -focused software companies include Automation Anywhere, Blue Prism, Microsoft Power Automate, Salesforce, ServiceNow and UiPath, among others.
Even IBM jumped into the action, as part of IBM CEO Arvind Krishna’s M&A to pivot the enterprise technology provider towards multi-cloud software that drives business automation.
RPA Software: MSP Opportunities
Meanwhile, startups like Rewst and ElectroNeek want to bring the power of RPA to the MSP sector.
Among the latest moves: Rewst took ConnectWise and Perch Security veteran Wes Spencer as president in February 2022. Earlier, Rewst raised $ 3.5 million from Florida Funders in November 2021. Also, ElectroNeek raised mid -term of 29021 $ 20 million in Series A funding.
Elsewhere, Ingram Micro has agreed to distribute UiPath’s RPA software worldwide, the two technology companies confirmed in May 2021.
Those milestones suggest that automation software is catching up with MSPs. But job layoffs at Hyperscience and slowing growth at UiPath offer timely reminders about business resets-especially if Wall Street and Venture Capitalists are wary of valuations around the world. .
Disclosure: ChannelE2E Editorial Director Joe Panettieri is a member of the Florida Funders.