Cloud operator Workday filed for an IPO on Thursday evening that could raise as much as $400 million.
Started in 2005, Workday is a top provider of enterprise resource planning (ERP) software, which helps companies manage their payroll, HR and other core functions. The co-founders, who include David Duffield and Aneel Bhusri, helped to build the pioneer of the industry, PeopleSoft. That company now is part of the Oracle (NASDAQ:ORCL) empire.
As of now, Workday has about 325 customers, which include biggies like AIG (NYSE:AIG), Four Seasons Hotels, Kimberly-Clark (NYSE:KMB) and Lenovo. The largest installation covers more than 200,000 employees.
From fiscal years 2009 to 2012, revenues grew from $25.2 million to $134.4 million. However, losses have been substantial, coming to $79.6 million last year. Then again, Workday still is in the early stages of its growth ramp and is focused on building out its platform.
Lead underwriters include Morgan Stanley (NYSE:MS) and Goldman Sachs (NYSE:GS).
A long-time follower of the IPO scene, back in 1999 Tom started one of the first sites in the space called WebIPO. It was a place where investors got research as well as access to deals for the dot-com boom. Tom also wrote the top-selling book, Investing in IPOs. In it, he covers all the aspects of analyzing an IPO, such as reading the prospectus, detecting the risk factors and understanding some of the arcane regulations. But don’t worry — if that process is too intimidating for you, thankfully Tom will do the legwork for you right here in the IPO Playbook blog.
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