Workday, Inc.

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Workday, Inc.
FoundedMarch 2005; 18 years ago (2005-03)
HeadquartersPleasanton, California, U.S.
Area served
Key people
  • Aneel Bhusri (Chairman & co-CEO)
  • Carl Eschenbach (co-CEO)
RevenueIncrease US$6.216 billion (2022)
Decrease US$−222 million (2022)
Decrease US$−367 million (2022)
Total assetsIncrease US$13.49 billion (2022)
Total equityIncrease US$5.586 billion (2022)
Number of employees
17,700 (January 2023)
Footnotes / references

Workday, Inc., is an American on‑demand (cloud-based) financial management, human capital management and student information system software vendor. Workday was founded by David Duffield, founder and former CEO of ERP company PeopleSoft, along with former PeopleSoft chief strategist Aneel Bhusri, following Oracle's acquisition of PeopleSoft in 2005.[2]

In October 2012, Workday launched a successful IPO (initial public offering) that valued the company at $9.5 billion.[3] Competitors of Workday include SAP Successfactors, Ceridian and Oracle.[4]

In 2020, Fortune magazine ranked Workday Inc. at number five on their Fortune List of the Top 100 Companies to Work For in 2020 based on an employee survey of satisfaction.[5] San Francisco Business Times ranked Workday at number two on their Best Places to Work in the Bay in the largest companies category.[6]


Workday was founded in March 2005 and launched in November 2006.[7] Initially, it was funded by Duffield and venture capital firm Greylock Partners. In December 2008, Workday moved its headquarters from Walnut Creek, California, to Pleasanton, California, where PeopleSoft founder Duffield's prior company was located.[8][9]

On February 6, 2008, Workday announced that it had reached a definitive agreement to purchase Cape Clear Software.[10] In May 2008, Workday signed a large contract with Flextronics to provide human capital management software services.[11] Companies that have publicly disclosed contracts or deployments of Workday include Aviva,[12] Chiquita Brands, and other firms.[13][14][15][16][17]

On April 29, 2009, Workday announced that it secured $75 million in funding led by New Enterprise Associates. Existing investors Greylock Partners and Workday CEO and co‑founder Dave Duffield also participated in the round.[18] On October 24, 2011, Workday announced $85 million in new funding, bringing total capital raised to $250 million. Investors in the latest round included T. Rowe Price, Morgan Stanley Investment Management, Janus, and Bezos Expeditions.[19] As of spring 2012, Workday had 310 customers, ranging from mid-sized businesses to Fortune 500 companies.[20]

In October 2012, Workday launched its initial public offering (IPO) on the New York Stock Exchange with ticker symbol WDAY. Its shares were priced at $28 and ended trading Friday, October 12, at $48.69, "propelled the start-up to a market capitalization of nearly $9.5 billion including unexercised stock options." It sold 22.75 million Class A shares, raising $637 million. The IPO raised more cash than any launch in the U.S. technology sector since Facebook's $16 billion IPO in May 2012. Its shares surged 74% in their IPO, underscoring investor interest in cloud computing.[3]

In 2016 Workday launched a cloud-based Student information system[21] to augment its portfolio of financial management and human capital management products.

In 2018 Workday acquired Filip Doušek's company

The co-CEO of Workday is Aneel Bhusri, who is a partner with Greylock Partners and handled senior leadership positions earlier in his career at PeopleSoft. In 2020, Chano Fernandez was promoted to co-CEO. Dave Duffield served as the chairman of the board until his resignation in April 2022, after which Aneel Bhusri took over as the chairman.[22]

In November 2021, Workdays announced its acquisition of VNDLY, startup that helps companies manage external workforce personnel, for $510 million.[23]

Sequoia Capital's Carl Eschenbach replaced Fernandez as co-CEO in December 2022. The company also announced that Eschenbach would become its sole CEO after January 2024, when Bhusri will move to the role of executive chair.[24]

Business model[edit]

Workday makes money by selling subscriptions to its services rather than selling the software outright. Expenses are booked up front when it signs on a new customer but the associated revenue is recognized over the life of multiyear agreements. In first quarter 2016, Workday announced annual revenue in excess of $1 billion for the first time ever in fiscal year 2016.[25]

Corporate governance[edit]

Duffield holds voting rights to Workday shares that were worth $3.4 billion and Bhusri held rights to shares valued at $1.3 billion. Collectively, they hold 67% of the company's voting shares. This voting structure makes the event of a hostile takeover much less likely.[3]


Workday has released 39 updates to its product line as of September, 2022, its most recent being "2022 R2". It releases a major update every 6 months, every September and March[citation needed]

Workday operates data centers located in Ashburn, Virginia; Lithia Springs, Georgia; Portland, Oregon; Dublin, Ireland; Amsterdam, Netherlands; and also uses Amazon Web Services for its primary computing infrastructure platforms in order to accelerate its worldwide expansion.[26]

In February 2014, Workday acquired the startup Identified and its artificial intelligence Syman to create its Insight Apps line of products. The first products running SYMAN were announced at Workday Rising 2014.

In July 2017, Workday CEO Aneel Bhusri announced that the company had decided to open up its platform to developers, partners and third-party software. As a result, Workday will enter the Platform as a Service (PaaS) market.[27] Bhusri said the move will allow customers to build custom extensions and applications to work with Workday.[28]

In January 2018, Workday announced that it acquired SkipFlag,[29] makers of an AI knowledge base that builds itself from a company's internal communications.[30]


Acquisition number Acquired company Acquisition date Specialty
17 VNDLY November 2021 Contractor and external staffing vendor management
16 Zimit September 2021 Quotation management
15 Peakon March 2021 Employee engagement
14 Scout RFP December 2019 Sourcing software
13 TrustedKey July 2019 Identity management
12 July 2018 Augmented analytics
11 Adaptive Insights June 2018 Business planning
10 Rallyteam June 2018 Talent agility platform
9 SkipFlag January 2018 Machine learning (AI)[30]
8 Pattern August 2017 Team collaboration
7 Platfora July 2016 Analytics
6 Zaption June 2016 Content management
5 Mediacore October 2015 Learning
4 Upshot July 2015 Talent management
3 Gridcraft April 2015 Planning
2 Identified February 2014 Recruiting
1 CapeClear February 2008 Web services integration


In May 2021, Workday signed a sponsorship deal with Formula One as the regional finance & human resource enterprise partner across the UK and Germany.[31] The deal was renewed and expanded in 2022, where Workday will be a regional partner of Formula One in a multiyear deal.[32]

In March 2023, Workday signed a multiyear sponsorship deal with McLaren as an official partner.[33]


  1. ^ "US SEC: Form 10-K Workday, Inc". U.S. Securities and Exchange Commission. Retrieved February 27, 2023.
  2. ^ Mac, Ryan. "Billionaire David Duffield's Workday Goes Public, Doubling His Fortune". Forbes. Retrieved 2022-01-06.
  3. ^ a b c Clark, Don (12 October 2012). "Cloud-Computing Firm Workday's IPO Soars". The Wall Street Journal. Retrieved 4 November 2014.
  4. ^ "Workday Human Capital Management Alternatives". Gartner. Retrieved 19 May 2022.
  5. ^ Jessica Snouwaert. "The 25 best companies to work for, based on employee satisfaction". Business Insider. Retrieved April 1, 2020.
  6. ^ "Best places to work". Retrieved April 24, 2020.
  7. ^ "Businessweek – Business News, Stock market & Financial Advice". Retrieved 4 November 2014.[dead link]
  8. ^ Bing, Jeb (5 December 2008). "Duffield Is Back:PeopleSoft Founder Moves New Company to Pleasanton". Pleasanton Weekly. Retrieved 4 November 2014.
  9. ^ Temple, James (4 December 2008). "Workday Inc. Is Moving to Pleasanton". San Francisco Chronicle. Retrieved 4 November 2014.
  10. ^ "Another ERP vendor buys into middleware ZDNet February 6, 2008". ZDNet. 6 February 2008. Retrieved 4 November 2014.
  11. ^ "Workday Lands Software Industry's Biggest SaaS Deal". InformationWeek. Retrieved 4 November 2014.
  12. ^ [1] Archived November 5, 2011, at the Wayback Machine
  13. ^ "Workday Lands Software Industry's Biggest SaaS Deal". InformationWeek. Retrieved 4 November 2014.
  14. ^ "Case Study: How Fairchild Semiconductor leverages the Workday Integration Cloud". ZDNet. 2 May 2011. Retrieved 4 November 2014.
  15. ^ "HR Magazine – Rentokil Initial implements cloud technology to manage data of 66,000 staff worldwide". Retrieved 4 November 2014.
  16. ^ "Workday launches Workday 14, wins Thomson Reuters deal". ZDNet. 15 August 2011. Retrieved 4 November 2014.
  17. ^ "Time Warner Deploys Workday HR and Payroll Solution". Retrieved 4 November 2014.
  18. ^ Barret, Victoria (30 April 2009). "Duffield Scores Biggest Round". Forbes. Retrieved 13 April 2016.
  19. ^ Hesseldahl, Arik (24 October 2011). "Exclusive: Aneel Bhusri's Workday Raises $85 Million at a Whopping $2 Billion Valuation". All Things D. Retrieved 4 November 2014.
  20. ^ "Workday Rising: Becoming Part of a Unique Customer Ecosystem". Retrieved 4 November 2014.
  21. ^ "Workday's Full Student Information System Launches | Inside Higher Ed". Retrieved 2022-04-06.
  22. ^ Datta, Tiyashi. "Workday co-founder David Duffield resigns as chairman". Retrieved 2022-05-06.
  23. ^ Ron Miller (November 18, 2021). "Workday to acquire external workforce management startup VNDLY for $510M". Tech Crunch. Retrieved December 19, 2021.
  24. ^ Novet, Jordan (20 December 2022). "Workday names Sequoia's Carl Eschenbach as co-CEO, alongside Aneel Bhusri". CNBC.
  25. ^ Eugene Kim, Business Insider. "Workday says it's displacing Oracle software, as it hits first-ever $1 billion annual sales." Feb 29, 2016. Retrieved Jan 20, 2017.
  26. ^ [2]
  27. ^ Dignan, Larry. "Workday to open up cloud platform, enters PaaS fray | ZDNet". ZDNet. Retrieved 2017-09-01.
  28. ^ "Why It's Time to Open Up the Workday Cloud Platform – Workday Blog". Workday Blog. 2017-07-11. Retrieved 2017-09-01.
  29. ^ Engineering, Workday (2018-01-16). "Workday Acquires SkipFlag". Workday Engineering. Retrieved 2018-01-23.
  30. ^ a b Gagliordi, Natalie. "Workday buys SkipFlag to bolster machine learning capabilities | ZDNet". ZDNet. Retrieved 2018-01-21.
  31. ^ Yeomans, Georgina (2021-05-06). "F1 inks regional partnership with Workday".
  32. ^ Mahadik, Gauresh (2022-05-05). "Formula 1 renews and expands partnership with Workday". SportsMint Media.
  33. ^ "Workday become an Official Partner of McLaren Formula 1 Team". Retrieved 2023-03-28.

External links[edit]

  • Business data for Workday, Inc.: