Daniel Dines left Romania in 2001 to go to the United States to work for Microsoft. His years overseas were difficult, but his experience there laid the groundwork for the remarkable success that followed. The programmer returned to his homeland in 2005 to launch UiPath, an automation software company that debuted on the New York Stock Exchange on Wednesday, April 21, in one of the largest IPOs in the industry to date.
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According to Bloomberg, after its debut, Dinnes, co-founder and CEO of the company, controls a stake worth more than $ 6 billion.
For someone coming to the United States from Europe at the age of 20, it was a great challenge for me to adapt, although from a professional point of view, my experience at Microsoft was great, “said Dines, 49, during a technology conference in Montgomery.
As a result, “I had a crazy idea to go back and start a company,” he added.
Hidden advantage
UiPath, valued at $ 7 billion in 2019, is now worth about $ 30 billion after its shares began trading at $ 56 on its stock market debut – above the market range. That made Dines one of the world’s 500 richest, according to the Bloomberg Billionaires Index.
Starting a company from a small place with no particular market has a hidden advantage – it forces you to think globally from day one, “Dines said in a letter, part of UiPath’s IPO documents.
UiRath was founded in 2005 in Bykapesch and is engaged in the so-called. robotic process automation (PPA). It actually launched under the name DeskOver, but it was replaced with the current one in 2015.
Dines, who studied mathematics and computer science at the University of Bucharest, grew up in Romania while the country was still ruled by communist dictator Nicolae Ceausescu.
The stock market debut
UiPath is entering the market at a time of rapid growth, as businesses in all areas – from healthcare to energy producers – are looking for ways to automate operations in their financial, human and legal departments.
One of UiPath’s biggest strengths is its ability to retain customers and encourage them to increase costs over time. In its last financial year, the company reported a net revenue retention of 145%, which means that its average customer increased its expenses by 45% compared to the previous year.
According to Forbes, Dinec is already among the wealthiest people in Eastern Europe, ranking immediately after the heirs of the recently deceased Petr Kelner.
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