UiPath Investment Thesis!
From SaaS to Agentic AI!
2024 and 2025 were the years in which companies in the AI infrastructure space saw their businesses explode.
I believe that 2026 will be the year in which AI applications get some well-deserved attention!
Organizations have invested heavily in AI, spending billions and plastering AI all over their investor and marketing presentations. Yet, results have been underwhelming so far. So increasingly, boards of directors and shareholders are not satisfied with promises of future capabilities, demanding a real ROI from AI today. This pressure to show real results will push organizations towards AI suppliers capable of delivering real and measurable impact for their business.
And today I am covering UiPath, a SaaS company capable of delivering just that!
UiPath is undergoing a highly ambitious transformation from an automation SaaS company into an Agentic AI platform.
AI Agents are digital employees that can be tasked to perform specific tasks. They have the potential to reduce the number of employees needed to perform basic departmental functions, making existing employees more productive. This increased productivity quickly generates a positive ROI for UiPath’s clients, making their services potentially attractive for organizations looking to apply AI to reduce costs.
Just last week, UiPath Screen Agent was ranked Nr 1 in the world in the OSWorld benchmark for enterprise-wide agentic AI deployments!
This industry recognition is a clear testament to the quality of UiPath’s offering, positioning them to take market share in this gigantic, potentially multi-hundred-billion-dollar Agentic AI industry.
In this report, I will present to you my UiPath Investment Thesis.
Let’s begin.
1. Business Model
2. The Opportunity
3. Valuation
4. Valuation Model
5. Conclusion
1. Business Model
UiPath is a Software-as-a-Service company that offers automation tools to large enterprises. Their core functionality is to automate repetitive and rules-based business processes.
However, in the age of AI, they are positioning themselves as a complete AI-powered automation platform.
UiPath sits between people, software, and processes, with each of its modules specifically designed to improve operations for a particular use case.