Workday Startup Story - Giving You Best Financial and Human Capital Management Services

Workday, Inc. is cloud-based human capital management and financial management Software Company established in the US Enterprise that uses Cloud Applications such as Human Capital Management, Financial Management, Analytics & Reporting, Enterprise Planning, and others to provide business solutions. David Duffield launched Workday, and according to the founders, their curiosity led them to create something new—a financial, HR, analytics, and planning system that changes as the business expands and a firm that strives to do the right thing by its people, customers, and the environment.

Workday Startup - Key Highlights

• Startup Name - Workday, Inc.
• Founded - March 2005
• Founders - Aneel Bhusri and David Duffield
• CEO - Aneel Bhusri
• Industry - Software, Cloud Computing
• Services - Software, Recruiting, Human Resources
• Headquarters - Pleasanton, California, US.
• Total Valuation - US$ 3.63 billion (As of 2019)
• Area Served - Worldwide
• Website - www.workday.com

Workday Startup - Cloud-Based Software Company

Workday, Inc. is a cloud-based enterprise application supplier for finance and HR. The company provides financial management, human resource management, and analytics solutions for various businesses, educational institutions, and government bodies.

The company's products include embedded analytics that records the content and context of ordinary business occurrences, allowing users to make educated decisions from wherever they are working. Workday Finance Management, Workday Human Capital Management (HCM), and Other Applications are among its applications.

Workday Startup Founders - Aneel Bhusri & David Duffield

The Workday Founders, Aneel Bhusri and David Duffield, met in 2005 at the Jax Truckee Diner south of Lake Tahoe, California. They planned to launch a company that would market cloud-based finance and HR applications. The two long-time friends were well-versed in the field.

Workday Startup - Investors and Funding

Workday has raised a total of $230.6 million in six rounds of investment. A Series F round of funding got submitted for Workday on October 24, 2011. A group of eight investors backs Workday and the most recent investors are Janus Capital Group and Morgan Stanley.

Workday Startup – Investments & Acquisitions

Workday has made a total of five investments. Teal book raised $5 million on January 22, 2020, which was their most recent investment.

Acquisitions – Workday has purchased 14 businesses. Scout RFP was their most recent acquisition, which occurred on November 4, 2019. Scout RFP got bought for $540 million.

Workday - Revenue and Growth Numbers

Workday - Competitors

Workday has some good competitors in the market who can give a substantial completion to the company. Some of its competitors are as follows:

• SAP
• Oracle
• Ultimate Software
• ADP
• Ceridian
• Microsoft
• Anaplan
• Infor
• Epicor
• Sage

Workday - Challenges Faced

Some of the challenges faced by Workday are as follows:

• Managing Financials - It becomes increasingly difficult to reliably measure and report on performance when a company extends across locations and product lines, putting management at increased risk of making poor judgments. Workday experienced the same thing. As a result, Workday Financial Management is the company's entry into a considerably more significant but more competitive market.
• Earning Customers - Financials' entire addressable market got expected to be $27 billion. The company has also started offering financial and human-resource analytics products with a $19 billion market potential. The company has had early success in these markets, but it must continue to earn consumers and market share for the stock to grow.

Workday - Future Plans

Some of their upcoming plans are as follows:

• According to the CEO, the team is currently focused on revenue growth and is investing to support that development.
• According to Bhusri, the company still has a lot of room to grow worldwide, with the point where there's a finite supply of new clients still a long way off.
• Workday's growth remains impressive for the time being, but Bhusri advocates digging deeper into the numbers.

Workday Startup - Business Model

Workday's business approach comprises building and developing software and providing customer support for its cloud-based platform.

Rather than selling software outright, Workday makes money by selling subscriptions to its services. Expenses are booked upfront when it signs on a new customer, but revenue is recognized through multi-year agreements. For the first time in the FY 2016-17, Workday announced yearly sales of over $1 billion in the first quarter of 2016.