Workday, Inc.#Workday Adaptive Planning

Workday was founded in March 2005 and launched in November 2006.{{Cite web |title=Our Story {{!}} Workday UK |url=https://www.workday.com/en-gb/company/about-workday/our-story.html |access-date=2024-07-18 |website=www.workday.com}}{{Cite web |last=Martens |first=China |date=August 20, 2007 |title=Workday fleshes out more of its hosted ERP suites |url=https://www.computerworld.com/article/2816557/workday-fleshes-out-more-of-its-hosted-erp-suites.html |website=Computerworld}} Initially, it was funded by David Duffield and the 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.{{cite news|last=Bing|first=Jeb|title=Duffield Is Back:PeopleSoft Founder Moves New Company to Pleasanton|url=http://www.pleasantonweekly.com/news/show_story.php?id=1025|newspaper=Pleasanton Weekly|date=5 December 2008|access-date=4 November 2014}}{{cite news|last=Temple|first=James|title=Workday Inc. Is Moving to Pleasanton|url=http://www.sfgate.com/business/article/Workday-Inc-is-moving-to-Pleasanton-3182100.php|newspaper=San Francisco Chronicle|date=4 December 2008|access-date=4 November 2014}}

On February 6, 2008, Workday announced that it had reached a definitive agreement to purchase Cape Clear Software.{{cite web|url=http://blogs.zdnet.com/SAAS/?p=448|archive-url=https://web.archive.org/web/20080208081915/http://blogs.zdnet.com/SAAS/?p=448|url-status=dead|archive-date=February 8, 2008|title=Another ERP vendor buys into middleware ZDNet February 6, 2008|date=6 February 2008|work=ZDNet|access-date=4 November 2014}} In May 2008, Workday signed a large contract with Flextronics to provide human capital management software services.{{cite web|url=http://www.informationweek.com/news/services/saas/showArticle.jhtml?articleID=207603344|title=Workday Lands Software Industry's Biggest SaaS Deal|work=InformationWeek|access-date=4 November 2014}} Companies that have publicly disclosed contracts or deployments of Workday include Aviva,[http://www.workday.com/resources/customer_case_studies/aviva.php] {{webarchive|url=https://web.archive.org/web/20111105082808/http://www.workday.com/resources/customer_case_studies/aviva.php|date=November 5, 2011}} Chiquita Brands, and other firms.{{cite web|url=http://www.informationweek.com/news/services/saas/207603344|title=Workday Lands Software Industry's Biggest SaaS Deal|work=InformationWeek|access-date=4 November 2014}}{{cite web|url=https://www.zdnet.com/article/case-study-how-fairchild-semiconductor-leverages-the-workday-integration-cloud/|title=Case Study: How Fairchild Semiconductor leverages the Workday Integration Cloud|date=2 May 2011|work=ZDNet|access-date=4 November 2014}}{{cite web|url=http://www.hrmagazine.co.uk/hro/news/1020454/rentokil-initial-implements-cloud-technology-manage-66|title=HR Magazine – Rentokil Initial implements cloud technology to manage data of 66,000 staff worldwide|publisher=Hrmagazine.co.uk|access-date=4 November 2014}}{{cite web|url=https://www.zdnet.com/article/workday-launches-workday-14-wins-thomson-reuters-deal/|title=Workday launches Workday 14, wins Thomson Reuters deal|date=15 August 2011|work=ZDNet|access-date=4 November 2014}}{{cite web|url=http://financial.tmcnet.com/topics/financial-technology/articles/192004-time-warner-deploys-workday-hr-payroll-solution.htm|title=Time Warner Deploys Workday HR and Payroll Solution|publisher=Financial.tmcnet.com|access-date=4 November 2014}}

On April 29, 2009, Workday announced that it had 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.{{cite news|last=Barret|first=Victoria|title=Duffield Scores Biggest Round|url=https://www.forbes.com/2009/04/29/david-duffield-workday-technology-enteprise-tech-duffield.html|newspaper=Forbes|date=30 April 2009|access-date=13 April 2016}} On October 24, 2011, Workday announced $85 million in new funding, bringing the total capital raised to $250 million. Investors in the latest round included T. Rowe Price, Morgan Stanley Investment Management, Janus, and Bezos Expeditions.{{cite news|last=Hesseldahl|first=Arik|title=Exclusive: Aneel Bhusri's Workday Raises $85 Million at a Whopping $2 Billion Valuation|url=http://allthingsd.com/20111024/aneel-bhusris-workday-raises-85-million-at-a-whopping-2-billion-valuation/?refcat=enterprise|newspaper=All Things D|date=24 October 2011|access-date=4 November 2014}} As of spring 2012, Workday had 310 customers, ranging from mid-sized businesses to Fortune 500 companies.{{cite web|url=http://blogs.workday.com/Blog/workday_rising_becoming_part_of_a_unique_ecosystem.html|title=Workday Rising: Becoming Part of a Unique Customer Ecosystem|publisher=Blogs.workday.com|access-date=4 November 2014}}

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, which "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.

In 2016, Workday launched a cloud-based student information system{{Cite web |title=Workday's Full Student Information System Launches {{!}} Inside Higher Ed |url=https://www.insidehighered.com/quicktakes/2016/09/28/workdays-full-student-information-system-launches |access-date=2022-04-06 |website=www.insidehighered.com |language=en}} to augment its portfolio of financial management and human capital management products. In 2018, Workday acquired Filip Doušek's company Stories.bi.

The CEO of Workday was 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 along with Bhusri. Dave Duffield served as the chairman of the board until his resignation in April 2022, after which Aneel Bhusri took over as the chairman.{{cite web |last1= Datta|first1=Tiyashi|url= https://www.nasdaq.com/articles/workday-co-founder-david-duffield-resigns-as-chairman-2021-04-01|title= Workday co-founder David Duffield resigns as chairman |website=nasdaq.com|access-date=2022-05-06}}

In November 2021, Workday announced its acquisition of VNDLY, a startup that helps companies manage external workforce personnel, for $510 million.{{cite web|url=https://techcrunch.com/2021/11/18/workday-to-acquire-external-workforce-management-startup-vndly-for-510m//|title=Workday to acquire external workforce management startup VNDLY for $510M|website=Tech Crunch|date=November 18, 2021|author=Ron Miller|access-date=December 19, 2021}}

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 March 2024, when Bhusri will move to the role of executive chair.{{cite web |last=Novet |first=Jordan |url=https://www.cnbc.com/2022/12/20/workday-names-sequoias-carl-eschenbach-as-co-ceo-alongside-bhusri.html |title=Workday names Sequoia's Carl Eschenbach as co-CEO, alongside Aneel Bhusri |date=20 December 2022 |website=CNBC}} Eschenbach is now the company's sole CEO.

It was announced in February 2025 that Workday would cut 8.5% of its workforce in favor of investing in artificial intelligence to counter a "softer macroeconomic environment".{{cite web|url=https://www.cnbc.com/2025/02/05/workday-to-cut-1750-jobs-in-ai-push.html|title=Workday to cut 1,750 jobs in AI push|website=CNBC|date=February 5, 2025|access-date=February 15, 2025}}

Adaptive Insights was a software as a service company founded in 2003 and headquartered in Palo Alto, California. The company was acquired by Workday in a $1.55 billion deal completed in August 2018,{{cite news |last1=Lunden |first1=Ingrid |title=Workday acquires financial modelling startup Adaptive Insights for $1.55B |url=https://techcrunch.com/2018/06/11/workday-acquires-financial-modelling-startup-adaptive-insights-for-1-55b/ |access-date=3 June 2023 |publisher=Tech Cruch |date=11 June 2018}} renaming the company and its core product to Workday Adaptive Planning.

In 2003, Robert S. Hull and Richard L. Dellinger co-founded Adaptive Planning to market enterprise budgeting, forecasting, and reporting software as an alternative to spreadsheet-based planning or larger on-premises software. Adaptive Planning was an early user of the software as a service (SaaS) model for business intelligence and corporate performance management. In 2003, it was incorporated in Delaware as Visus Technology, renamed as Adaptive Planning.{{Cite web |author=SEC.gov |date=17 May 2018 |title=UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM S-1 REGISTRATION STATEMENT: ADAPTIVE INSIGHTS, INC. |url=https://www.sec.gov/Archives/edgar/data/1278150/000119312518166221/d454129ds1.htm |access-date=3 June 2024 |website=www.sec.gov}} It was incubated at Onset Ventures in Menlo Park, California.

In 2009, Adaptive Insights partnered with NetSuite, Inc. and is currently a member of the SuiteCloud Developer Network. The company also integrates with other cloud ERP solutions from Sage Intacct, Microsoft, and others.{{Cite news |last=Brooks |first=Steve |date=27 April 2018 |title=Salut Adaptive Insights |url=https://www.enterprisetimes.co.uk/2018/04/27/27781/ |access-date=3 June 2024 |work=Enterprise Times |language=en-GB}} Adaptive Insights partners with associates in Australia, Canada, Europe, India, Japan, New Zealand, the UK and the United States.

In September 2012, the company acquired the Louisville, Colorado based company {{Proper name|myDIALS}} for an undisclosed amount. By October 2013, Adaptive Planning held a fourth round of fundraising, totaling $45 million. The company also added salesforce.com as a backer.{{cite news |last1=Primack |first1=Dan |title=Venture capital deals |url=https://fortune.com/2013/10/30/venture-capital-deals-435/ |access-date=3 June 2024 |work=Forbes}}

In February 2014, Adaptive Planning was renamed Adaptive Insights and released a new version of the software with an updated user interface.{{Cite web |last=Robb |first=Drew |date=5 February 2014 |title=Adaptive Planning Gets New Brand |url=http://www.enterpriseappstoday.com/business-intelligence/adaptive-planning-gets-new-brand.html |access-date=3 June 2024 |website=EnterpriseAppsToday}}

In January 2015, the company appointed Citrix Chairman Tom Bogan as CEO.{{Cite web |last=Kim |first=Eugene |date=13 Jan 2015 |title=Why The 63-Year-Old Chairman Of A $10 Billion Company Is Joining A Startup |url=https://www.businessinsider.com/tom-bogan-citrix-chairman-to-adaptive-insights-2015-1 |access-date=3 June 2024 |website=Business Insider |language=en-US}}{{Cite news |last=Clancy |first=Heather |date=13 January 2015 |title=Citrix chairman joins cloud financials pioneer as CEO |url=http://fortune.com/2015/01/13/citrix-adaptive-insights-ceo/ |access-date=3 June 2024 |work=Fortune |language=en}} In June, the company reported another investment round of $75 million with several investors, including Norwest Venture Partners, ONSET Ventures, Bessemer Venture Partners, Cardinal Venture Capital, Information Venture Partners, and others.{{Cite web |last=Lunden |first=Ingrid |date=30 June 2015 |title=Cloud Finance Intelligence Startup Adaptive Insights Gets $75M, Reportedly At A Unicorn Valuation |url=https://techcrunch.com/2015/06/30/finance-business-intelligence-startup-adaptive-insights-gets-75m-reportedly-at-a-unicorn-valuation/ |access-date=3 June 2024 |website=techcrunch.com |publisher=TechCrunch}}

In April 2018, the company announced it added 500 net new customers in 2018, bringing Adaptive Insights' total customer base to more than 3,700 customers worldwide in FY2018.{{Cite news |last=Moore |first=Ben |date=19 April 2018 |title=Adaptive Insights announces a stellar year for FY18 |url=https://channellife.com.au/story/adaptive-insights-announces-stellar-year-fy18/ |access-date=3 June 2024 |work=ChannelLife |language=en}} In August, Workday completed the acquisition of Adaptive Insights, announcing that the company would operate as Adaptive Insights, a Workday company. In May 2020, Adaptive Insights rebranded once again and was renamed Workday Adaptive Planning.

Workday sells subscriptions to its services. 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 the first quarter 2016, Workday announced annual revenue in excess of $1 billion for the first time ever in fiscal year 2016.Eugene Kim, Business Insider. "[http://www.businessinsider.com/workday-hits-first-ever-1-billion-in-annual-sales-2016-2 Workday says it's displacing Oracle software, as it hits first-ever $1 billion annual sales]." Feb 29, 2016. Retrieved Jan 20, 2017.

Duffield holds voting rights to Workday shares that are worth $3.4 billion and Bhusri holds voting 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.

Workday provides a software to help businesses manage finances and human resources.{{Cite web |title=What Is Workday Software & What Is It Used For? – Forbes Advisor |url=https://www.forbes.com/advisor/business/software/what-is-workday/ |access-date=2024-10-16 |website=www.forbes.com|date=October 3, 2022 }}{{Cite web |title=Workday Enterprise Management Cloud {{!}} Finance, HR, Planning, Spend |url=https://www.workday.com/ |access-date=2024-10-16 |website=www.workday.com |language=en-US}} Key features include:

• Global workforce and recruitment management with real-time reporting and analytics.{{Cite web |title=Global HR Management System {{!}} Workday |url=https://www.workday.com/en-us/products/human-capital-management/human-resource-management.html |access-date=2024-10-16 |website=www.workday.com |language=en-US}}
• Financial management capabilities, including accounting tools, expense tracking, and financial planning insights.{{Cite web |title=Financial Management Resources & Process Automation {{!}} Workday |url=https://www.workday.com/en-us/products/financial-management/overview.html |access-date=2024-10-16 |website=www.workday.com |language=en-US}}
• Employee self-service, such as with onboarding and time-tracking tasks.

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.{{cite news|url=https://www.zdnet.com/article/workday-to-open-up-cloud-platform-enters-paas-fray/|title=Workday to open up cloud platform, enters PaaS fray|last=Dignan|first=Larry|work=ZDNet|access-date=2017-09-01|language=en}} Bhusri said the move will allow customers to build custom extensions and applications to work with Workday.{{cite news|url=http://blogs.workday.com/open-up-workday-cloud-platform/|title=Why It's Time to Open Up the Workday Cloud Platform – Workday Blog|date=2017-07-11|work=Workday Blog|access-date=2017-09-01|language=en-US}}

In January 2018, Workday announced that it acquired SkipFlag,{{cite web|url=https://medium.com/workday-engineering/workday-acquires-skipflag-286dc8d3bfe7|title=Workday Acquires SkipFlag|last=Engineering|first=Workday|date=2018-01-16|website=Workday Engineering|access-date=2018-01-23}} makers of an AI knowledge base that builds itself from a company's internal communications.{{cite news|url=https://www.zdnet.com/article/workday-buys-skipflag-to-bolster-machine-learning-capabilities/|title=Workday buys SkipFlag to bolster machine learning capabilities|last=Gagliordi|first=Natalie|work=ZDNet|access-date=2018-01-21|language=en}}

Workday has released 39 updates to its product line as of September 2022, the most recent being "2022 R2". It releases a major update every 6 months, in September and March.{{citation needed|date=April 2016}}

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.“[https://www.workday.com/content/dam/web/en-us/documents/investor/workday-10-k-2014.pdf]”

File:AP screenshot.jpg

The Workday Adaptive Planning application is a cloud-based software app designed to help organizations with financial planning, budgeting, forecasting, and reporting. It is a part of the broader Workday suite of enterprise applications, which includes solutions for human resources, finance, sales, operations, and HR in their planning processes. The app covers the planning, consolidation, analytics, and reporting functions with its Business Planning Cloud.{{Cite web |date=2018-02-14 |title=Adaptive Insights introduces Business Planning Cloud |url=https://www.accountingtoday.com/news/adaptive-insights-introduces-business-planning-cloud |access-date=2025-02-27 |website=Accounting Today |language=en}} It automates consolidations and integration of data from other systems and enables collaboration and real-time updates via its on-demand SaaS-based model.

{{More citations needed section|date=August 2022}}

In May 2021, Workday signed a sponsorship deal with Formula One as the regional finance & human resource enterprise partner across the UK and Germany.{{Cite web |last=Yeomans |first=Georgina |date=2021-05-06 |title=F1 inks regional partnership with Workday |url=https://www.blackbookmotorsport.com/news/f1-formula-one-regional-partnership-workday-2021 |access-date= |website=www.blackbookmotorsport.com |language=en}} The deal was renewed and expanded in 2022, where Workday will be a regional partner of Formula One in a multiyear deal.{{Cite web |last=Mahadik |first=Gauresh |date=2022-05-05 |title=Formula 1 renews and expands partnership with Workday |url=https://sportsmintmedia.com/formula-1-renews-and-expands-partnership-with-workday/ |access-date= |website=SportsMint Media |language=en-US}}

In March 2023, Workday signed a multiyear sponsorship deal with McLaren as an official partner.{{Cite web |title=Workday become an Official Partner of McLaren Formula 1 Team |url=https://www.mclaren.com/racing/partners/workday/mclaren-racing-announces-multi-year-partnership-with-workday/ |access-date=2023-03-28 |website=www.mclaren.com |language=en-GB}}

• Cloud computing
• Corporate performance management

{{Reflist|colwidth=30em}}

• {{Official website|https://www.workday.com}}

{{Finance links

| name = Workday, Inc.

| symbol = WDAY

| sec_cik = 1327811

| yahoo = WDAY

| google = WDAY:NASDAQ

| bloomberg = WDAY:US

}}

{{Cloud computing}}

{{NASDAQ-100}}

{{Authority control}}

Category:Software companies established in 2005

Category:American companies established in 2005

Category:2012 initial public offerings

Category:Software companies based in the San Francisco Bay Area

Category:Companies based in Pleasanton, California

Category:Cloud computing providers

Category:Companies listed on the Nasdaq

Category:Human resource management software

Category:ERP software companies

Category:2005 establishments in California

Category:Software companies of the United States