Workday, a company offering online tools for enterprises to manage human resources, payroll, and finances, just filed an S-1 form declaring its intention to raise up to $400 million in an IPO.
Reuters reported in July that the company had quietly filed for an IPO but was able to keep the documents secret for a while longer thanks to the JOBS Act. Now it’s official — the S-1 is online, and the details are out.
The filing says that in its most recent fiscal year (ending January 31, 2012), Workday brought in $134.4 million in revenue (an increase of 98 percent year-over-year), with a net loss of $79.6 million.
The company was founded in 2005 (apparently it first incorporated under the name “North Tahoe Power Tools”, which is awesome) by Dave Duffield and Aneel Bhusri, both former executives at PeopleSoft. They’re still the company’s co-CEOs, and the filing says they still control a majority of the voting stock. Investors include Greylock Partners and New Enterprise Associates.
Here’s how the company describes itself:
Workday is a leading provider of enterprise cloud-based applications for human capital management (HCM), payroll, financial management, time tracking, procurement and employee expense management. We achieved this leadership position through our innovative and adaptable technology, focus on the consumer Internet experience and cloud delivery model. Further, we believe we are the only company to provide this complete set of unified cloud-based applications to enterprises. Our applications are designed for global enterprises to manage complex and dynamic operating environments. We provide our customers highly adaptable, accessible and reliable applications to manage critical business functions that enable them to optimize their financial and human capital resources.
Among the risk factors listed on the filing is the fact that Workday has lost money every year, “and we do not expect to be profitable for the foreseeable future.” Many of the other concerns are pretty much what you’d expect from most companies in the enterprise software-as-a-service market — the “intensely competitive” industry, the risk of a security breach, the long sales cycles, and the dependence on third-party data centers. The company also notes that the majority of revenues come from its Human Capital Management application, rather than the full suite of products.
Workday is the leader in SaaS-based enterprise solutions for human resources, payroll and financial management, providing new levels of business agility for a fraction of the cost of buying, deploying and maintaining legacy on-premise systems. More than 130 customers, spanning mid-sized organizations to global Fortune 500 businesses, have selected Workday. Workday Human Capital Management and Workday Financial Management use modern, standards-based technologies to provide an unparalleled level of agility, ease-of-use, and integration capability. For more information...
Dave Duffield is an accomplished software industry executive and visionary. He has an extensive history of pioneering new ground in business applications. Dave founded PeopleSoft in 1987 and served as the company’s CEO and board chairman. He was responsible for the company’s vision, product and market direction, and commitment to customer service. In addition, he inspired the company’s unique culture by promoting core values that focused on people, innovation, integrity and fun. PeopleSoft grew to be the world’s second-largest...
Aneel Bhusri is a Partner at Greylock and Co-Founder and Co-Chief Executive at Workday. Aneel joined Greylock in 1999 from PeopleSoft, where he was named vice chairman after several years as the company’s senior vice president in charge of product strategy, business development and marketing. At PeopleSoft, he was responsible for developing and guiding all product strategy, corporate and product marketing. He also led the company’s business development efforts in key areas such as new product development, vertical market initiatives and...
Greylock partners with entrepreneurs to help them build market-leading businesses. Over the past 45 years the firm has worked with hundreds of companies, 150 of which have gone on to IPOs and 100 of which have gone on to profitable M&A events. Such companies include Ascend Communications, CheckFree, CipherTrust, Constant Contact, Continental Cable, Decru, Data Domain, DoubleClick, Farecast, Internet Security Systems, Ikanos, Legato, Media Metrix, Millennium Pharmaceuticals, Openwave, Open Market, OutlookSoft, Polyserve, Red Hat, RightNow Technologies, Success Factors, Tellabs,...
New Enterprise Associates (NEA) is a leading venture capital firm, consistently ranking among the top firms in portfolio IPOs each year, with more liquidity events than any other venture capital firm. Since its founding, the firm has backed more than 170 companies that have gone public and invested in more than 290 companies that have been successfully merged or acquired. For more than 30 years, NEA has been helping to build great companies. Our committed capital has grown to...
Austin, TX
Seattle, WA
San Diego, CA
Menlo Park, CA
Berlin, Germany
Boston, MA
