UiPath Acquires Re:infer: Robotic Process Automation Meets Natural Language Processing
UiPath has acquired Re:infer to further blend natural language processing (NLP) with robotic process automation (RPA) and workflow automation software. The core goal: Allow partners and customers to “mine, monitor and automate every conversation.” Financial terms of the deal were not disclosed.
This is technology M&A deal number 691 that ChannelE2E has covered so far in 2022.
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UiPath Acquires Re:infer: Business Automation Software Details
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 “transform them into actionable data with speed and accuracy,” the seller asserts. Key customers include Deutsche Bank, Hiscox and Farfetch, the seller indicated.
Re:Infer had raised $7.6 million through February 2022 from such venture capital firms as Crane Venture Partners, IP Group and Seedcamp, and from independent investors Jason Kingdon, Martin Moran and Dai Yamane.
Ahead of 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 a June 1, 2022 earnings statement. Still, UiPath reduced its headcount targets in a bid to improve its path to profitability, according to a June 2022 statement.
Re:infer’s 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 empower the vision of the fully automated enterprise. Our customers are awash in documents, communications, and data that they need to understand the meaning of and process efficiently. Combining Re:infer’s NLP technology with our Document Understanding and AI products expands the breadth of our current AI-powered automation capabilities and unlocks new automation opportunities for our customers.”
Dr. Ed Challis, CEO and co-founder of Re:infer, added:
“Automating the interpretation of documents and communications data bridges the gap between humans and information technology systems, and structured and unstructured data to supercharge digital transformation efforts in the enterprise. We have spent the last seven years building an innovative technology and believe UiPath will take us to another level. We couldn’t be more excited to access UiPath’s power of scale and introduce Re:infer to a new global audience. We’re joining the leader in enterprise automation and it’s an incredible day for us.”
Robotic Process Automation (RPA) Software Market Forecast, MSP Opportunities
Market forecasts suggest the overall automation software market will continue to grow rapidly Indeed, 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 RPA market growth, multiple companies are acquiring RPA software providers and associated RPA consulting skills.
Key enterprise-focused RPA software companies include Automation Anywhere, Blue Prism, Microsoft Power Automate, Salesforce, ServiceNow and UiPath, among others. Moreover, startups such as Rewst and ElectroNeek want to bring the power of RPA into the MSP sector.