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Workday, Inc.

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Workday, Inc., is an American on‑demand (cloud-based) financial management, human capital management, and student information system software vendor. Workday was founded by David Duffield, founder and former CEO of ERP company PeopleSoft, along with former PeopleSoft chief strategist Aneel Bhusri, following Oracle's acquisition of PeopleSoft in 2005.[2]

Workday, Inc.
Company typePublic
ISINUS98138H1014
Industry
FoundedMarch 2005; 19 years ago (2005-03)
Founders
HeadquartersPleasanton, California, U.S.
Area served
Worldwide
Key people
  • Aneel Bhusri (executive chairman)
  • Carl Eschenbach (CEO)
Services
RevenueIncrease US$7.26 billion (2024)
Increase US$183 million (2024)
Increase US$1.38 billion (2024)
Total assetsIncrease US$16.5 billion (2024)
Total equityIncrease US$8.08 billion (2024)
Number of employees
18,800 (2024)
Websiteworkday.com
Footnotes / references
Financials as of January 31, 2024.[1]

In October 2012, Workday launched a successful initial public offering that valued the company at $9.5 billion.[3] Competitors of Workday include SAP Successfactors, Dayforce, UKG, and Oracle.[4]

In 2020, Fortune magazine ranked Workday Inc. at number five on their Fortune List of the Top 100 Companies to Work For in 2020 based on an employee satisfaction survey.[5] San Francisco Business Times ranked Workday at number two on their Best Places to Work in the Bay in the largest companies category.[6]

History

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2005–2015

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Workday was founded in March 2005 and launched in November 2006.[7][8] Initially, it was funded by David Duffield and the venture capital firm Greylock Partners. In December 2008, Workday moved its headquarters from Walnut Creek, California, to Pleasanton, California, where PeopleSoft founder Duffield's prior company was located.[9][10]

On February 6, 2008, Workday announced that it had reached a definitive agreement to purchase Cape Clear Software.[11] In May 2008, Workday signed a large contract with Flextronics to provide human capital management software services.[12] Companies that have publicly disclosed contracts or deployments of Workday include Aviva,[13] Chiquita Brands, and other firms.[14][15][16][17][18]

On April 29, 2009, Workday announced that it had secured $75 million in funding led by New Enterprise Associates. Existing investors Greylock Partners and Workday CEO and co‑founder Dave Duffield also participated in the round.[19] On October 24, 2011, Workday announced $85 million in new funding, bringing the total capital raised to $250 million. Investors in the latest round included T. Rowe Price, Morgan Stanley Investment Management, Janus, and Bezos Expeditions.[20] As of spring 2012, Workday had 310 customers, ranging from mid-sized businesses to Fortune 500 companies.[21]

In October 2012, Workday launched its initial public offering (IPO) on the New York Stock Exchange with ticker symbol WDAY. Its shares were priced at $28 and ended trading Friday, October 12, at $48.69, which "propelled the start-up to a market capitalization of nearly $9.5 billion including unexercised stock options." It sold 22.75 million Class A shares, raising $637 million. The IPO raised more cash than any launch in the U.S. technology sector since Facebook's $16 billion IPO in May 2012. Its shares surged 74% in their IPO, underscoring investor interest in cloud computing.[3]

2015–present

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In 2016, Workday launched a cloud-based student information system[22] to augment its portfolio of financial management and human capital management products. In 2018, Workday acquired Filip Doušek's company Stories.bi.

The CEO of Workday was Aneel Bhusri, who is a partner with Greylock Partners and handled senior leadership positions earlier in his career at PeopleSoft. In 2020, Chano Fernandez was promoted to co-CEO along with Bhusri. Dave Duffield served as the chairman of the board until his resignation in April 2022, after which Aneel Bhusri took over as the chairman.[23]

In November 2021, Workday announced its acquisition of VNDLY, a startup that helps companies manage external workforce personnel, for $510 million.[24]

Sequoia Capital's Carl Eschenbach replaced Fernandez as co-CEO in December 2022. The company also announced that Eschenbach would become its sole CEO after March 2024, when Bhusri will move to the role of executive chair.[25] Eschenbach is now the company's sole CEO.

Adaptive Insights

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Adaptive Insights was a software as a service company founded in 2003 and headquartered in Palo Alto, California. The company was acquired by Workday in a $1.55 billion deal completed in August 2018,[26] renaming the company and its core product to Workday Adaptive Planning.

In 2003, Robert S. Hull and Richard L. Dellinger co-founded Adaptive Planning to market enterprise budgeting, forecasting, and reporting software as an alternative to spreadsheet-based planning or larger on-premises software. Adaptive Planning was an early user of the software as a service (SaaS) model for business intelligence and corporate performance management. In 2003, it was incorporated in Delaware as Visus Technology, renamed as Adaptive Planning.[27] It was incubated at Onset Ventures in Menlo Park, California.

In 2009, Adaptive Insights partnered with NetSuite, Inc. and is currently a member of the SuiteCloud Developer Network. The company also integrates with other cloud ERP solutions from Sage Intacct, Microsoft, and others.[28] Adaptive Insights partners with associates in Australia, Canada, Europe, India, Japan, New Zealand, the UK and the United States.[28]

In September 2012 the company acquired the Louisville, Colorado based company myDIALS for an undisclosed amount. By October 2013, Adaptive Planning held a fourth round of fundraising, totaling $45 million. The company also added salesforce.com as a backer.[29]

In February 2014, Adaptive Planning was renamed Adaptive Insights and released a new version of the software with an updated user interface.[30]

In January 2015, the company appointed Citrix Chairman Tom Bogan as CEO.[31][32] In June, the company reported another investment round of $75 million with several investors, including Norwest Venture Partners, ONSET Ventures, Bessemer Venture Partners, Cardinal Venture Capital, Information Venture Partners, and others.[33]

In April 2018, the company announced it added 500 net new customers in 2018, bringing Adaptive Insights' total customer base to more than 3,700 customers worldwide in FY2018.[34] In August, Workday completed the acquisition of Adaptive Insights, announcing that the company would operate as Adaptive Insights, a Workday company.[26] In May 2020, Adaptive Insights rebranded once again and was renamed Workday Adaptive Planning.

Business model

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Workday sells subscriptions to its services. Expenses are booked up front when it signs on a new customer, but the associated revenue is recognized over the life of multiyear agreements. In the first quarter 2016, Workday announced annual revenue in excess of $1 billion for the first time ever in fiscal year 2016.[35]

Corporate governance

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Duffield holds voting rights to Workday shares that are worth $3.4 billion and Bhusri holds voting rights to shares valued at $1.3 billion. Collectively, they hold 67% of the company's voting shares. This voting structure makes the event of a hostile takeover much less likely.[3]

Product

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Workday provides a software to help businesses manage finances and human resources.[36][37] Key features include:

  • Global workforce and recruitment management with real-time reporting and analytics.[38]
  • Financial management capabilities, including accounting tools, expense tracking, and financial planning insights.[39]
  • Employee self-service, such as with onboarding and time-tracking tasks.[36]

In February 2014, Workday acquired the startup Identified and its artificial intelligence Syman to create its Insight Apps line of products. The first products running SYMAN were announced at Workday Rising 2014.

In July 2017, Workday CEO Aneel Bhusri announced that the company had decided to open up its platform to developers, partners and third-party software. As a result, Workday will enter the Platform as a Service (PaaS) market.[40] Bhusri said the move will allow customers to build custom extensions and applications to work with Workday.[41]

In January 2018, Workday announced that it acquired SkipFlag,[42] makers of an AI knowledge base that builds itself from a company's internal communications.[43]

Workday has released 39 updates to its product line as of September 2022, the most recent being "2022 R2". It releases a major update every 6 months, in September and March.[citation needed]

Workday operates data centers located in Ashburn, Virginia; Lithia Springs, Georgia; Portland, Oregon; Dublin, Ireland; Amsterdam, Netherlands; and also uses Amazon Web Services for its primary computing infrastructure platforms in order to accelerate its worldwide expansion.[44]

Workday Adaptive Planning

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Screenshots of Adaptive Insights for Finance

The Workday Adaptive Planning application is a cloud-based software app designed to help organizations with financial planning, budgeting, forecasting, and reporting. It is a part of the broader Workday suite of enterprise applications, which includes solutions for human resources, finance, sales, operations, and HR in their planning processes. The app covers the planning, consolidation, analytics, and reporting functions with its Business Planning Cloud.Arrowsmith, Ranica (February 14, 2018). "Adaptive Insights introduces Business Planning Cloud". Accounting Today. Retrieved June 3, 2024.</ref> It automates consolidations and integration of data from other systems and enables collaboration and real-time updates via its on-demand SaaS-based model.

Acquisitions

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Acquisition number Acquired company Acquisition date Location Specialty
17 VNDLY[45] November 2021 Ohio, USA Contractor and external staffing vendor management
16 Zimit September 2021 Florida, USA Quotation management
15 Peakon March 2021 Copenhagen, Denmark Employee engagement
14 Scout RFP December 2019 California, USA & Riga, Latvia Sourcing software
13 TrustedKey July 2019 Washington, USA Identity management
12 Stories.bi July 2018 Prague, Czech Republic Augmented analytics
11 Adaptive Insights June 2018 California, USA Business planning
10 Rallyteam June 2018 California, USA Talent agility platform
9 SkipFlag January 2018 California, USA Machine learning (AI)[43]
8 Pattern August 2017 California, USA Team collaboration
7 Platfora July 2016 California, USA Analytics
6 Zaption June 2016 California, USA Content management
5 Mediacore October 2015 British Columbia, Canada Learning
4 Upshot July 2015 California, USA Talent management
3 Gridcraft April 2015 Colorado, USA Planning
2 Identified February 2014 California, USA Recruiting
1 CapeClear February 2008 Dublin, Ireland Web services integration

Sponsorship

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In May 2021, Workday signed a sponsorship deal with Formula One as the regional finance & human resource enterprise partner across the UK and Germany.[46] The deal was renewed and expanded in 2022, where Workday will be a regional partner of Formula One in a multiyear deal.[47]

In March 2023, Workday signed a multiyear sponsorship deal with McLaren as an official partner.[48]

See also

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References

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  1. ^ "US SEC: Form 10-K Workday, Inc". U.S. Securities and Exchange Commission. March 8, 2024. Retrieved March 9, 2024.
  2. ^ Mac, Ryan. "Billionaire David Duffield's Workday Goes Public, Doubling His Fortune". Forbes. Retrieved January 6, 2022.
  3. ^ a b c Clark, Don (October 12, 2012). "Cloud-Computing Firm Workday's IPO Soars". The Wall Street Journal. Retrieved November 4, 2014.
  4. ^ "Workday Human Capital Management Alternatives". Gartner. Retrieved May 19, 2022.
  5. ^ Jessica Snouwaert. "The 25 best companies to work for, based on employee satisfaction". Business Insider. Retrieved April 1, 2020.
  6. ^ "Best places to work". Retrieved April 24, 2020.
  7. ^ "Our Story | Workday UK". www.workday.com. Retrieved July 18, 2024.
  8. ^ Martens, China (August 20, 2007). "Workday fleshes out more of its hosted ERP suites". Computerworld.
  9. ^ Bing, Jeb (December 5, 2008). "Duffield Is Back:PeopleSoft Founder Moves New Company to Pleasanton". Pleasanton Weekly. Retrieved November 4, 2014.
  10. ^ Temple, James (December 4, 2008). "Workday Inc. Is Moving to Pleasanton". San Francisco Chronicle. Retrieved November 4, 2014.
  11. ^ "Another ERP vendor buys into middleware ZDNet February 6, 2008". ZDNet. February 6, 2008. Archived from the original on February 8, 2008. Retrieved November 4, 2014.
  12. ^ "Workday Lands Software Industry's Biggest SaaS Deal". InformationWeek. Retrieved November 4, 2014.
  13. ^ [1] Archived November 5, 2011, at the Wayback Machine
  14. ^ "Workday Lands Software Industry's Biggest SaaS Deal". InformationWeek. Retrieved November 4, 2014.
  15. ^ "Case Study: How Fairchild Semiconductor leverages the Workday Integration Cloud". ZDNet. May 2, 2011. Retrieved November 4, 2014.
  16. ^ "HR Magazine – Rentokil Initial implements cloud technology to manage data of 66,000 staff worldwide". Hrmagazine.co.uk. Retrieved November 4, 2014.
  17. ^ "Workday launches Workday 14, wins Thomson Reuters deal". ZDNet. August 15, 2011. Retrieved November 4, 2014.
  18. ^ "Time Warner Deploys Workday HR and Payroll Solution". Financial.tmcnet.com. Retrieved November 4, 2014.
  19. ^ Barret, Victoria (April 30, 2009). "Duffield Scores Biggest Round". Forbes. Retrieved April 13, 2016.
  20. ^ Hesseldahl, Arik (October 24, 2011). "Exclusive: Aneel Bhusri's Workday Raises $85 Million at a Whopping $2 Billion Valuation". All Things D. Retrieved November 4, 2014.
  21. ^ "Workday Rising: Becoming Part of a Unique Customer Ecosystem". Blogs.workday.com. Retrieved November 4, 2014.
  22. ^ "Workday's Full Student Information System Launches | Inside Higher Ed". www.insidehighered.com. Retrieved April 6, 2022.
  23. ^ Datta, Tiyashi. "Workday co-founder David Duffield resigns as chairman". nasdaq.com. Retrieved May 6, 2022.
  24. ^ Ron Miller (November 18, 2021). "Workday to acquire external workforce management startup VNDLY for $510M". Tech Crunch. Retrieved December 19, 2021.
  25. ^ Novet, Jordan (December 20, 2022). "Workday names Sequoia's Carl Eschenbach as co-CEO, alongside Aneel Bhusri". CNBC.
  26. ^ a b Lunden, Ingrid (June 11, 2018). "Workday acquires financial modelling startup Adaptive Insights for $1.55B". Tech Cruch. Retrieved June 3, 2023.
  27. ^ SEC.gov (May 17, 2018). "UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM S-1 REGISTRATION STATEMENT: ADAPTIVE INSIGHTS, INC". www.sec.gov. Retrieved June 3, 2024.
  28. ^ a b Brooks, Steve (April 27, 2018). "Salut Adaptive Insights". Enterprise Times. Retrieved June 3, 2024.
  29. ^ Primack, Dan. "Venture capital deals". Forbes. Retrieved June 3, 2024.
  30. ^ Robb, Drew (February 5, 2014). "Adaptive Planning Gets New Brand". EnterpriseAppsToday. Retrieved June 3, 2024.
  31. ^ Kim, Eugene (January 13, 2015). "Why The 63-Year-Old Chairman Of A $10 Billion Company Is Joining A Startup". Business Insider. Retrieved June 3, 2024.
  32. ^ Clancy, Heather (January 13, 2015). "Citrix chairman joins cloud financials pioneer as CEO". Fortune. Retrieved June 3, 2024.
  33. ^ Lunden, Ingrid (June 30, 2015). "Cloud Finance Intelligence Startup Adaptive Insights Gets $75M, Reportedly At A Unicorn Valuation". techcrunch.com. TechCrunch. Retrieved June 3, 2024.
  34. ^ Moore, Ben (April 19, 2018). "Adaptive Insights announces a stellar year for FY18". ChannelLife. Retrieved June 3, 2024.
  35. ^ Eugene Kim, Business Insider. "Workday says it's displacing Oracle software, as it hits first-ever $1 billion annual sales." Feb 29, 2016. Retrieved Jan 20, 2017.
  36. ^ a b "What Is Workday Software & What Is It Used For? – Forbes Advisor". www.forbes.com. Retrieved October 16, 2024.
  37. ^ "Workday Enterprise Management Cloud | Finance, HR, Planning, Spend". www.workday.com. Retrieved October 16, 2024.
  38. ^ "Global HR Management System | Workday". www.workday.com. Retrieved October 16, 2024.
  39. ^ "Financial Management Resources & Process Automation | Workday". www.workday.com. Retrieved October 16, 2024.
  40. ^ Dignan, Larry. "Workday to open up cloud platform, enters PaaS fray". ZDNet. Retrieved September 1, 2017.
  41. ^ "Why It's Time to Open Up the Workday Cloud Platform – Workday Blog". Workday Blog. July 11, 2017. Retrieved September 1, 2017.
  42. ^ Engineering, Workday (January 16, 2018). "Workday Acquires SkipFlag". Workday Engineering. Retrieved January 23, 2018.
  43. ^ a b Gagliordi, Natalie. "Workday buys SkipFlag to bolster machine learning capabilities". ZDNet. Retrieved January 21, 2018.
  44. ^ “[2]”
  45. ^ Miller, Ron (November 18, 2021). "Workday to acquire external workforce management startup VNDLY for $510M". TechCrunch. Retrieved August 10, 2023.
  46. ^ Yeomans, Georgina (May 6, 2021). "F1 inks regional partnership with Workday". www.blackbookmotorsport.com.
  47. ^ Mahadik, Gauresh (May 5, 2022). "Formula 1 renews and expands partnership with Workday". SportsMint Media.
  48. ^ "Workday become an Official Partner of McLaren Formula 1 Team". www.mclaren.com. Retrieved March 28, 2023.
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