Workday Wins Google Deal, Plans $400 Million IPO - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
Cloud // Software as a Service
News
8/31/2012
11:53 AM
Connect Directly
Google+
LinkedIn
Twitter
RSS
E-Mail
50%
50%

Workday Wins Google Deal, Plans $400 Million IPO

As Workday details its IPO plans, it reportedly lands a huge deal with Google as a human capital management customer.

Details of Workday's initial public offering plans emerged on Thursday just as the media also caught wind of a big deal with search giant Google. It's a double dose of good news that will make would-be Workday customers and rival cloud, ERP, and human capital management (HCM) vendors take notice.

Workday is set to replace parts of Google's home-grown human resources software, which Google developed to manage its more than 50,000 employees, according to unnamed sources cited by Bloomberg. Google has hired Deloitte LLP to help integrate Workday's software, Bloomberg reported.

As for the details of Workday's IPO planned for this fall, the vendor's S-1 filing with the Securities and Exchange Commission notes that the company expects to raise as much as $400 million through the offering. The document also outlines the company's recent financial performance, reporting $134.4 million in sales in 2011, nearly doubling 2010 sales of $68.1 million. The company is clearly spending big bucks to fuel product development and growth, as it reported a net loss of $79.6 million in 2011 and a loss of $56.2 million in 2010.

Workday's IPO is planned for October, depending on market conditions. The banks running the offering will include Morgan Stanley, Goldman Sachs, and JP Morgan.

[ Want more on Workday's strengths? Read Workday Wins More Customers For Cloud Apps. ]

Founded in 2005 by PeopleSoft veterans David Duffield and Aneel Bhusri, Pleasanton, Calif.-based Workday has specifically targeted the public-sector and educational institutions that represent a core market for PeopleSoft. Workday customers in that segment include Brown University , Georgetown University, the State of Nebraska, and the New York Public Library.

Workday also competes in an increasingly competitive mainstream commercial market for HCM and financial management applications.

Just this week, IBM acquired HCM vendor Kenexa for $1.3 billion. That deal comes in the wake of SAP's $3.4 billion acquisition of SuccessFactors, Oracle's $1.9 billion buy of Taleo, and Salesforce.com's purchase of privately held Ryyple.

Commercial-sector Workday customers include Flextronics, Kimberly-Clark, and Four Seasons Hotels.

At this year's InformationWeek 500 Conference, C-level execs will gather to discuss how they're rewriting the old IT rulebook and accelerating business execution. At the St. Regis Monarch Beach, Dana Point, Calif., Sept. 9-11.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
m.dinesh120192
50%
50%
m.dinesh120192,
User Rank: Apprentice
5/7/2014 | 6:28:45 AM
Workday always best
Workday always best
News
Achieving Techquilibrium: Get the Right Digital Balance
Jessica Davis, Senior Editor, Enterprise Apps,  10/22/2019
Commentary
Enterprise Guide to Edge Computing
Cathleen Gagne, Managing Editor, InformationWeek,  10/15/2019
Slideshows
IT Careers: 12 Job Skills in Demand for 2020
Cynthia Harvey, Freelance Journalist, InformationWeek,  10/1/2019
White Papers
Register for InformationWeek Newsletters
Video
Current Issue
Getting Started With Emerging Technologies
Looking to help your enterprise IT team ease the stress of putting new/emerging technologies such as AI, machine learning and IoT to work for their organizations? There are a few ways to get off on the right foot. In this report we share some expert advice on how to approach some of these seemingly daunting tech challenges.
Slideshows
Flash Poll