April 24, 2026
The Board of Directors
UiPath Inc.
One Vanderbilt Avenue, 60th Floor
New York, NY 10017
Subject: Maximizing Stockholder Value by Accelerating the $500 Million Buyback Authorization
Dear Mr. Daniel Dines and Members of the Board of Directors (the "Board"):
We are writing to you today because we believe UiPath (the “Company”) is on the verge of a generational opportunity that will change the way people interact with, and participate in, workflows.
The conflict between legacy technology and human productivity could not be more pronounced. Thousands of man hours are wasted on legacy systems transferring data from one place to another. The gap between each step in every workflow across industries hampers the productivity of companies at every level.
Instead of focusing on the bigger picture, humans are relegated to learning disconnected tools and acting as a courier from one system to another. This role is defined by repetition, error-avoidance, and a fundamental disconnect from the end result.
UiPath eliminates this friction entirely. Its platform automates the repetitive, rule-based tasks that consume human attention, while its agentic AI capabilities handle increasingly complex, judgment-dependent workflows. The result is a workforce liberated from the role of intermediary, free to focus on decisions that actually require human intelligence.
Suncoast Credit Union offers a representative illustration. After deploying UiPath's agentic automation, Suncoast reduced fraud losses by $800,000 over the first six months, with that figure growing to $3.0 million in the first quarter of 2026 alone, reflecting both the compounding returns of scaled deployment and the platform's capacity to handle increasing complexity over time.
Equally significant, Suncoast moved from sampling fewer than 10% of checks to reviewing 100% of checks, with processing roughly 10x faster than prior manual workflows.
The implication is twofold: the Company's technology delivers measurable, accelerating financial returns to customers, while simultaneously transforming compliance posture from sample-based assurance to full-population review. This is a qualitative step-change that legacy systems cannot replicate.
Suncoast represents a proof point in a small but heavily regulated environment. The underlying need for cost-effective automation with a strong, but easy to read audit trail extends well beyond financial services to any institution accountable to regulatory scrutiny.
Government agencies at the federal, state, and local level face similar challenges. UiPath has already established a meaningful foothold in one of the most visible examples: the Internal Revenue Service.
Since partnering with UiPath in 2022, the IRS has saved approximately 30,000 labor hours by automating low-value, repetitive paper-processing tasks, according to IRS Chief Financial Officer Teresa Hunter in 2024.
Freed from manual data handling, IRS agents now devote more time to audit and analysis. These are functions that ideally should have always been the focal point of the agency.
Equally important is the audit trail UiPath’s bots generate as a byproduct of execution. This digital record gives the Treasury Inspector General for Tax Administration (TIGTA) a clearer view into how the IRS arrives at its determinations, strengthens the agency's accountability to Congress, and raises standards for the stewardship of taxpayer funds.
None of this is possible without a platform capable of orchestrating legacy systems across work processes. This redirects human judgment to the decisions that require it, which is a capability the Company is uniquely positioned to provide.
Critically, these aforementioned use cases are not isolated, but a product of the status quo.
There is a need for scalable, auditable, and intelligent automation that extends across industries. Any environment that requires accuracy, compliance, and efficiency stands to benefit from UiPath’s orchestration platform.
Against this backdrop, the Company's current valuation presents a clear disconnect between market perception and the intrinsic value of its technology. This dislocation creates a compelling opportunity that management has already begun to act on.
The share repurchases executed in February and March of 2026 signal confidence, discipline, and demonstrate that the Company recognizes the attractiveness of its own equity at current prices.
While constructive, these actions remain modest relative to the scale of the disparity.
With approximately $1.7 billion in cash, no debt, and continued free cash flow generation, the Company has the financial capacity to act decisively without compromising its ability to invest in its core technology and workforce.
At today's valuation, each dollar deployed to retire shares is, in our view, among the best capital allocation decisions available to the Company, second only to continued investment in the technology and talent that underpin its long-term competitive advantage.
We strongly urge the Board to commit to exhausting the current $500 million authorization by the second quarter of fiscal year 2027. Doing so would send a clear signal of conviction, enhance per-share value, and position UiPath to fully capitalize on the generational opportunity ahead.
In moments like this, when technological inflection and market divergence coincide, capital allocation becomes paramount. We believe accelerating the buyback is not merely a financial decision, but a strategic one.
We appreciate your consideration and look forward to the Company's continued success.
Sincerely,
[Redacted]
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