UiPath Acquires This AI Startup For Undisclosed Sum

Software automation company UiPath, Inc PATH snapped up artificial intelligence startup Re:infer Ltd. The financial terms of the transaction remain undisclosed.
Re:infer was founded in 2015 by Ph.D. scientists from the AI research lab at University College London.
Re:infer uses machine learning (ML) technology to mine context from communication messages and transform them into actionable data with speed and accuracy.
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Ted Kummert, EVP, Products & Engineering at UiPath, said, "Combining Re:infer's NLP technology with our Document Understanding and AI products expands the breadth of our current AI-powered automation capabilities and unlocks new automation opportunities for our customers."
"Automating the interpretation of documents and communications data bridges the gap between humans and information technology systems, and structured and unstructured data to supercharge digital transformation efforts in the enterprise," said Dr. Ed Challis, CEO and Co-Founder of Re:infer.
UiPath held cash and equivalents of $1.8 billion as of April 30.
Price Action: PATH shares closed higher by 2.35% at $18.76 on Monday.