SaaS ERP Company Workday Reportedly Prepping to Go Public
December 23, 2011
Workday, the six-year-old SaaS ERP start-up co-founded by David Duffield after a resistant PeopleSoft finally fell to Oracle, is planning to IPO in the second half of next year, according to two unidentified Bloomberg sources. It’s supposed to want to raise $200 million-$500 million.
Workday, a threat to Oracle and SAP, is credited in some quarters with provoking SAP to spend $3.4 billion on SuccessFactors, a direct competitor, a price that could tickle Workday’s valuation.
It has raised in the neighborhood of $190 million over repeated rounds, including an F round in October that reportedly included Michael Dell and Jeff Bezos. Duffield has also supplied millions of its bankroll…
Bloomberg says the company is in the market for an IPO-savvy CFO.
Workday, which offers financial management and human capital management software on-demand, is supposed to have 230 customers including Kimberly-Clark and Flextronics.
Cowan estimates Workday will do $200 million this year, which represents a loss of $400 million in Oracle and SAP maintenance contract renewals.