UiPath To Eliminate About 10% Of Global Workforce Amid Restructuring
2024-07-06
1692
(fxcue news) - Software company UiPath, Inc. (PATH) said Tuesday that the board of directors approved restructuring actions to manage its operating expenses.
These actions are expected to include an overall reduction of approximately 10% of the Company's global workforce of approximately 4,200. Most of this reduction is expected to occur by the end of the first quarter of fiscal year 2026.
The workforce reduction is aimed at further driving operational efficiency and customer centricity. These changes reflect efforts to reshape the organization by streamlining the Company's structure and focusing research and development investments on artificial intelligence and driving innovation across the platform.
The Company estimates that it will incur costs of $15 million to $20 million related to employee termination benefits and approximately $2 million to $5 million in connection with lease exit and other contractual costs.
The total anticipated restructuring costs of approximately $17 million to $25 million are predominantly expected to be cash expenditures and are expected to be incurred by the first quarter of fiscal year 2026.
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