Workday is a cloud based enterprise software company which was founded by the founders of PeopleSoft after it was acquired by Oracle in 2005. It provides cloud based applications for enterprise functions like “human capital management (HCM), payroll, financial management, time tracking, procurement and employee expense management.”
In its S-1 filing, it states that:
“We achieved this leadership position [in the enterprise cloud space] 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.”
WorkDay competes primarily with the likes of Oracle, SAP, Salesforce.com and NetSuite, besides a number of other heavyweights in this space. It has more than 1450 employees, and reported close to $135 million in revenue in the year ended January 31, 2012. It posted a net loss, however, of $80 million. It ended July 31, 2012 with around $122 million in cash.
It plans to raise close to $400 million in the IPO, and we expect it to continue to make losses in the years following the IPO, as it operates in a very competitive environment, before eventually turning a profit.
You can check out the entire Workday S-1 filing here: Workday – SEC