After Effects can wrap your text around a mask path and even animate the text sliding along the path. Remember that masks can be animated (by keyframing the Mask Shape property) so you can place (or slide) text around a morphing, undulating path.
Create a Text Layer.
Create a Mask path (using the pen tool, pasting from Illustrator or Photoshop, or by using the Layer>Autotrace command). If the mask is closed, set its mode to None (so it doesn't act like a normal mask and hide part of your text layer).
Twirl open the text layer to reveal its adjustable properties.
Twirl open the Path Options property group .
Select the path from the Path property's dropdown menu.
After Effects will instantly wrap the text around the path, and also add some new properties (for animation) in the Path Options property group.
To animate the text sliding along the path, keyframe the First Margin property.
To flip your text to the opposite side of the mask (i.e., outside of a circle instead of inside of a circle), set the Reverse Path property to On.