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October 26, 2011

MW Tracker Spotlight

Workday raises $85 million in most recent round of funding 



Financial Overview:


Transaction Value: $85M


MW Highlights


  • Workday, which provides on-demand human capital management and financial management software, edges closer to an IPO with an $85 million cash infusion from institutional investors such as T. Rowe Price, Morgan Stanley Investment Management, Janus Capital Group Inc, and Bezos Expeditions.
  • With the proceeds, Workday plans on expanding its core technology, products, go-to-market capability, and administrative infrastructure. Additionally, in recent months it has extended its focus into financials, escalating its offering of core administration functions.
  • The investment dresses up the company for IPO by bringing in elite investors.  If Workday goes to market, it would be co-CEO Dave Duffield's fourth exit, and his second with partner and co-CEO Aneel Bhusri.
    • Duffield co-founded Information Associates, which developed applications for the higher education market.
    • Soon after, in 1982 he served as CEO, chairman, and chief product architect at Integral Systems, the first company to offer DB2-based human resource and accounting systems.
    • In 1987, he founded PeopleSoft, serving as CEO and board chairman until Oracle's hostile takeover in January 2005.
  • With total financial backing now at $250 million, Workday has been valued at $2 billion by experts.
  • As Workday becomes an increasingly relevant payroll competitor to ADP and Lawson/Infor, its cloud-based solutions will provide scalability and global access that the slower-moving incumbents cannot readily provide.
  • This transaction remains consistent with the hot trend of SaaS-based HR solutions.
  • Led by the success of's SaaS-based CRM solution, the market will become more and more comfortable with putting sensitive data onto the cloud.  We predict cloud-based HR outsourcing to benefit directly from this trend and consolidations will become the next topic of interest.



Press Release:

Please click here to read the press release.  


Martin Wolf was not a financial advisor in this transaction. To learn more about this transaction or our firm, contact Yousif Abudra at  or (925) 215-2760.   

About Martin Wolf  


Based in Silicon Valley, Martin Wolf is a leading middle market M&A Advisory focused on companies with services-based business models. Since 1997, our team has completed more than 100 transactions in six countries. We are a five-year member of the Merrill Lynch PS Referral Network, and were selected as ICICI Bank's (India's leading private bank) exclusive strategic partner for acquiring U.S. IT companies. For more information, visit


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Former CEO - ITT   




Hubert Willman
Hubert Willman
A Principal at Martin Wolf, Hubert has more than 30 years of Fortune 100 management experience.