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Workday

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5 reviews

About Workday

Workday wants to make every day better for HR and finance professionals. The computer software company makes cloud-based enterprise applications to manage financial and human capital resources. Its products are designed to replace legacy, on-site, enterprise systems with a more collaborative, mobile, and intuitive interface and a frequently updated – more... product that includes regulatory changes. Major customers, including Aviva, Flextronics, Lenovo, and Kimberly-Clark, use Workday's partner "ecosystem" to manage people, payroll, time tracking, finances, procurement, and employee expenses in a layout that mimics a typical Internet site. Formed in 2005 as North Tahoe Power Tools, the company went public in 2012.

IPO

Workday plans to use its $637 million in IPO proceeds for general corporate purposes and working capital. It has no specific plans but may use the funds to expand its business or purchase complementary firms or technologies. One of the year's larger IPOs, Workday's successful Wall Street debut stemmed in part from its founders, the same brains behind PeopleSoft.

Operations

The company's products include Procurement, Expenses, Time Tracking, Payroll Solutions, Human Resource and Talent Management, and Financial Management. It targets the financial services, health care, manufacturing, higher education, IT, business services, and retail industries. The applications are specialized for positions including CEO, CIO, CFO, and others.

Workday collaborates with salesforce.com, software companies, and implementation and HR consultants (IBM, Accenture, Deloitte, PricewaterhouseCoopers) to power its ecosystem. The company collects subscription revenue (66% of sales) for access to its systems and professional services revenue for deployment, optimization, and training services.

Geographic Reach

The company operates globally and has customers primarily in North America, Europe, and Asia.

Financial Analysis

While Workday's revenues have more than doubled the past few years as they've added customers, expenses have kept pace with the company posting increasing net losses as it adds people. It focuses on growing revenue and expects to continue posting operating losses as it expands and incurs R&D and personnel expenses. At the time of the IPO filing, the company posted total losses since inception at $330 million.

Strategy

Workday anticipates a wave of companies needing to upgrade existing enterprise resource management (ERM) software. It intends to ride that wave to aggressive expansion of its customer base through direct and partner sales. Other strategic plans include expanding its product offerings, growing internationally (through direct and partner sales), and continued integration of partner offerings through its system.

Ownership

Pre-IPO, co-CEOs David Duffield (founder of PeopleSoft) and Aneel Bhusri (a PeopleSoft officer) own about 53% and 19% of Workday, respectively. Director Scott Sandell holds about 10% pre-IPO. – less

Workday Employer Reviews

Senior Java Engineer (Current Employee), San Jose, CAJanuary 6, 2014
Recruiter (Current Employee), Atlanta, GAFebruary 26, 2013
Product designer (Former Employee), San FranciscoNovember 30, 2012
Mobile SQA Lead (Former Employee), Pleasanton, CAAugust 15, 2012
Operations Analysis (Former Employee), Pleasanton, CAApril 23, 2012