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Workday Files for a $400 Million IPO

Enterprise resource planning firm struggling with profits, though


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).

Article printed from InvestorPlace Media,

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