UiPath Acquires Two Firms – ProcessGold and StepShot – to Bolster Process Mining and Documentation
Robotic process automation (RPA) provider UiPath has acquired two firms — Netherlands-based ProcessGold and StepShot — to bolster its process mining and process documentation capabilities. The RPA industry leader, a tech unicorn with a reported valuation north of $7 billion, broke the news this week from its Forward annual event in Las Vegas.
The news follows the pattern of rapid growth for the New York-headquartered company, which was founded in Romania in 2005, over the past two years. It has continued on a hiring splurge to staff up and increase its capability to serve clients as three separate funding rounds have brought in just shy of $1 billion since 2017. According to UiPath, it has grown its client list from around 500 in October 2017 to more than 5,000 now.
To provide the efficiency gains and return on investment promised to customers, UiPath’s core offering requires clients to first analyze and detail business processes. Only then can bots can be programmed to automate tasks. Both of these acquisitions were made with an eye on making all of this easier.
Effectively, the quicker the bots can be built, the quicker companies can start benefitting from automation.
“There is still huge untapped value in making the documentation process into an easier, more effective solution,” said Dines. “The acquisition of StepShot immediately helps us solve that for our customers.”
On the value of acquiring ProcessGold, Dines highlighted that it will allow UiPath to help clients “better understand their processes, identify opportunities for automation, and then measure the impact of those automations.”
The company added in a statement that it will now start working with partners to “build out process mining at scale” as it strives to integrate “process understanding” with RPA.