NEW YORK & SUNNYVALE, Calif. - UiPath (NYSE: NYSE:PATH), a prominent enterprise automation and AI software company, has announced an expanded partnership with Google (NASDAQ:GOOGL) Cloud, marking its availability on Google Cloud Marketplace. This collaboration aims to enhance the enterprise automation capabilities by integrating with Google Cloud's Vertex (NASDAQ:VRTX) AI and Google Workspace.
As a result of this partnership, Google Cloud customers can now directly purchase UiPath's Business Automation Platform through the marketplace, facilitating easier deployment and scalability of automation initiatives on Google Cloud infrastructure. This move simplifies the procurement process and could lead to cost savings for customers with existing Google Cloud commitments.
UiPath's integration with Google Cloud's Vertex AI allows automation professionals to utilize generative AI outputs in their automations, such as summaries, question answers, and classifications. The connector provides access to activities related to the PaLM 2 large language model, enabling the building, deployment, and management of machine learning models without the need for manual effort or complex coding.
The partnership also extends to Google Workspace, where UiPath's API-based connectors support over 100 integration activities, enhancing productivity for citizen developers. These integrations facilitate the automation of tasks involving Gmail, Calendar, Docs, Sheets, and Drive, such as event creation, file management, and batch updates.
UiPath itself benefits from Google Cloud's Looker, which provides business insights by visualizing data from various sources, aiding in rapid decision-making.
This announcement is based on a press release statement from UiPath.
InvestingPro Insights
In light of UiPath's (NYSE: PATH) recent announcement regarding its expanded partnership with Google Cloud, it's worth noting some of the financial metrics and expert insights that could influence investor perception. According to InvestingPro data, UiPath boasts a significant market capitalization of $13.22 billion, underlining its substantial presence in the enterprise automation and AI market.
One of the key InvestingPro Tips for UiPath is its impressive gross profit margin, which stands at 84.39% for the last twelve months as of Q3 2024. This figure suggests that the company has been highly effective in managing its cost of goods sold and could potentially leverage this efficiency in its partnership with Google Cloud. Additionally, UiPath has seen a robust revenue growth of 16.51% over the same period, reflecting a healthy expansion in its business operations.
The company's stock has also experienced a significant price uptick, with a 47.75% total return over the last six months, signaling strong market confidence. It's important to note that while the company does not pay dividends, which may be a consideration for income-focused investors, the potential for capital appreciation has been evident in its recent stock performance.
For those interested in further analysis and additional InvestingPro Tips, such as the company's net income growth expectations and its ability to hold more cash than debt, visiting the dedicated InvestingPro page for UiPath at https://www.investing.com/pro/PATH could provide valuable insights. Moreover, readers can use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a total of 12 InvestingPro Tips that could help in making more informed investment decisions.
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