Workday To Go Public This Summer
Workday Inc. is expected to be going public this summer as it is one of the most highly anticipated enterprise IPOs of 2012. Workday was founded by billionaire Dave Duffieled a few years after Larry Ellison pushed Oracle to acquired Duffield’s previous company PeopleSoft. The acquisition of PeopleSoft was hostile and at one point Ellison threatened to shoot the dog of PeopleSoft CEO Craig Conway.
Workday’s enterprise software competes directly against Oracle. Workday offers a cloud computing alternative for enterprise resource management software like PeopleSoft. Their software is for day-to-day business requirements like accounting, HR, and expense reports.
Workday has 310 corporate customers and many of them are in the Fortune 50. As a result, Oracle and SAP acquired many of Workday’s competitors like SuccessFactors for $3.4 billion(SAP) and Taleo for $1.9 billion (Oracle).
Workday’s revenues are rumored to reach $500 million within a year on a valuation of $2 billion. The company raised $175 million in VC funding from investors such as Duffield himself, Michael Dell, Greylock Partners, and Jeff Bezos.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry