Romanian programmer turns “Crazy Idea” into $ 6 billion in property

Daniel Dines struggled to live in the United States after leaving his hometown of Romania in 2001 to work for Microsoft, but that experience laid the foundation for one of the world’s largest fortunes.

UiPath co-founder and CEO Daniel Dines
Photo by Bloomberg Mercury

Software programmers returned to their hometown in 2005, raising $ 1.3 billion in an initial public offering in the United States, and then debuting on Wednesday at UiPath Inc, an automated software maker. Started a business known today as. According to data compiled by Bloomberg, the company’s CEO, Dyne’s, manages over $ 6 billion worth of stock.

“For those in their 20s coming from Europe to the United States, my experience at Microsoft was great, but adapting to the United States was a big challenge for me,” said 49-year-old Dyne’s annual last year. Said at the Montgomery Summit. Technical meeting.

As a result, “I came up with the crazy idea of ​​going back and starting a company,” he added.

“Hidden advantage”

UiPath, which was valued at $ 7 billion in 2019, has a stock price of $ 56 and is now worth about $ 30 billion after being out of the market. According to the Bloomberg Billionaires Index, this makes Dines one of the 500 wealthiest companies in the world. Company representatives declined to comment.

“Starting a company from a small location without a market has a hidden advantage, which forces us to think globally from the beginning,” Dines wrote in a letter in the registry filing on UiPath’s list. It is stated in. He had already shown that his company was preparing to go public in early 2020.

The company’s software performs many low-skilled tasks that companies once outsourced to humans in low-paying countries such as India and the Philippines. Known as robotic process automation technology, this technology takes over repetitive routine data entry and processing tasks. According to the UiPath website, some of its software is used in hospitals and medical projects to support Covid-19.

Dines, who studied mathematics and computer science at the University of Bucharest, grew up in Romania, but the country was still dominated by the dictator Nicolae Ceausescu. He founded the company as DeskOver, renamed it UiPath in 2015, and ran out of apartments in the capital before moving its headquarters to New York in 2017.

Financing round

According to a February statement, UiPath raised $ 750 million in a funding round led by Alkeon Capital and Coatue, bringing value of $ 35 billion. Funds advised by Altimeter Capital Management, Dragoneer, IVP, Sequoia Capital, Tiger Global Management, and T. Rowe Price Associates also participated.

Dines owns all of its Class B shares, with 35 votes per share, compared to one Class A share. According to Filing, he will continue to manage UiPath after the IPO and sell about $ 75 million worth of shares.

“At some point we need to be a public company in order for our employees to gain more liquidity and offer stock options,” he said in an interview with Bloomberg last year. “Soon.”

-Ben Stupples and Alex Sazonov (Bloomberg Mercury)

https://bankautomationnews.com/allposts/infrastructure/romanian-programmer-turns-crazy-idea-into-6-billion-fortune/ Romanian programmer turns “Crazy Idea” into $ 6 billion in property

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