UiPath acquires Re:infer to further integrate natural language processing (NLP) with robotic process automation (RPA) and workflow automation software. The main goal: Allow partners and customers to “mine, track and automate every conversation.” Financial terms of the deal were not disclosed.
This is technology M&A deal number 691 covered by ChannelE2E so far in 2022.
UiPath Acquires Re:infer: Business Automation Software Specifications
Re:infer, founded in 2015, is based in London, England. The company has 38 employees listed on LinkedIn. Re:infer’s software uses machine learning (ML) technology to mine context from communication messages and “turn them into actionable data with speed and accuracy,” the seller asserts. Key customers include Deutsche Bank, Hiscox and Farfetch, the seller indicated.
Re:Infer has raised $7.6 million through February 2022 from venture capital firms such as Crane Venture Partners, IP Group and Seedcamp, and from independent investors Jason Kingdon, Martin Moran and Dai Yamane.
Prior to the M&A deal, key Re:infer partners included Accenture, Blueprism, Deloitte, Fujitsu, ISG, Jaam, MobileCloud, Prodapt, Reveal Group, Symphony, Synechron and UiPath.
UiPath, meanwhile, remains a fast-growing provider of RPA software. Revenue was $245.1 million in Q1 of fiscal 2023, up 32 percent from the corresponding quarter last year, according to an earnings statement on June 1, 2022. However, UiPath reduced its headcount targets in a bid to improve its path to profitability, according to a June 2022 statement.
Re:infer product capabilities are available to UiPath customers in private preview. Further details will be announced at the UiPath FORWARD 5 conference in September 2022, the buyer said.
UiPath Buys Re:infer: Executive Perspectives
In a prepared statement about the deal, Ted Kummert, executive VP of products and engineering at UiPath, said:
“Automation and AI are a powerful and natural pair that together power the vision of a fully automated business. Our customers are inundated with the documents, communications, and data they need to make sense of and process efficiently. Combining Re:infer NLP technology with our Document Understanding and AI products expands the breadth of our current AI-powered automation capabilities and opens up new automation opportunities for our customers.”
Dr. added. Ed Challis, CEO and co-founder of Re:infer:
“Automating the interpretation of documents and communication data bridges the gap between people and information technology systems, and the structured and unstructured data to supplement digital transformation efforts in the enterprise. Spent We’ve spent the last seven years building an innovative technology and we believe UiPath will take us to another level. We couldn’t be more excited to access the power of UiPath’s scale and introduce Re:infer to a new global audience. We are joining the forefront of business automation and this is an incredible day for us.”
Robotic Process Automation (RPA) Software Market Forecast, MSP Opportunities
Market forecasts suggest that the overall automation software market will continue to grow rapidly. 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 associated RPA consulting skills.
Major enterprise-focused RPA software companies include Automation Anywhere, Blue Prism, Microsoft Power Automate, Salesforce, ServiceNow and UiPath, among others. Moreover, startups like Rewst and ElectroNeek want to bring the power of RPA to the MSP sector.