Digital transformation budgets are on the rise, with larger companies with greater than $1 million in revenue spending up to 62% more on digital transformation.

At smaller organizations, that number is still on the rise at 42%, Ashim Gupta, chief financial officer at robotic process automation (RPA) vendor UiPath, said during Thursday’s earnings call.

“That speaks to the fact that budgets continue to be allocated for automation,” Gupta said. “Just from discussions with CFOs, I could tell you, digital transformation is not going away. It’s only accelerating.”

The RPA vendor had predicted a “choppy” first quarter during its March earnings call, assuming geopolitical issues like the war in Ukraine and the macroeconomic environment would impact Q1. Revenue for the first quarter was $245.1 million — up 32% year over year but down 15% from the Q4 2021 revenue of $289.7 million, which reflected a 39% YoY growth.

“At the same time, both prospects and existing accounts tell us that automation is a long-term solution to this kind of volatility, which leaves us very optimistic about the business long term,” Chief Executive Daniel Dines told analysts.

Korea Investment Savings Bank was among the new companies that signed on with UiPath during Q1, along with Bridgestone Americas and Udemy.

The vendor also highlighted the addition of an unnamed global financial services and insurance company, which Dines said shifting solely to the UiPath platform.

“[The unnamed company is] implementing automation across lines of business and plan to use document understanding, [artificial intelligence] AI/[machine learning] ML and test suite as well as scale up citizen development,” Dines said. “They have a corporate initiative to remove $100 million in cost by 2025 and see automation as instrumental in achieving their goals.”

Additionally, the popular e-signature solution DocuSign “selected the UiPath platform, including the UiPath test suite to accelerate the time to value for new automations,” Dines said.

The New York-based company also revealed new integrations with Adobe’s document services and Adobe Acrobat during the quarter.

More details on UiPath/Finastra offering

Last quarter, UiPath announced a partnership with core provider Finastra that would use UiPath’s cloud-based RPA solution to allow partners to build and sell automations on its Fusion Automation Marketplace.

That partnership will allow third-party companies to create automation solutions and allow banks to leverage the automation without purchasing a UiPath license, Finastra told Bank Automation News.

“This will effectively provide banks with a fully managed automation, whereby the application will be managed by the automation creator, while the cloud infrastructure on which the automation is running will be managed by Finastra,” said Kirat Rawel, head of business operations for Finastra’s marketplaces, technology-enabled managed services (TEMS) and corporate development.

UiPath will create packages consisting of software and infrastructure, which automation creators will buy directly from UiPath. From there, Finastra will deploy the necessary software and allocate the required infrastructure, as per the package, to the automation creators, who will then be able to build and sell automations hosted on the Fusion Automation Marketplace, Rawel said.

UiPath currently has an ecosystem of 4,000-plus partners that could potentially develop automations for the financial market.

The automations will run in the cloud at a lower cost than it would be to run on-premise, Rawel added.

“In addition, the multilayered security architecture of Fusion Automation Marketplace has built-in capabilities for network security, identity security, incident response, vulnerability management, regulatory and audit compliance and governance,” she said. “Customers will enter into contracts with automation creators to purchase these solutions, the prices for which will be determined by the creators.”