Workday, a Pleasanton, California-based company that specializes in cloud-based payroll, financial management and employee expense management, has filed to raise up to $400 million through an initial public offering. It is backed by Amazon.com co-founder Jeff Bezos, Greylock, NEA and others who’ve pumped more than $250 million into the company. It competes against Redmond-based Concur Technologies as well as industry giants such as Oracle and SAP.
“Workday is leading the way in helping organizations to better manage their core enterprise resources, specifically their financial and human capital resources,” the company wrote in its SEC filing today. “We enable organizations to embrace changes in their operating environments through our rapid innovation cycle of frequent updates, which generally contain new functionality, support for new regulatory requirements, performance requirements and enhancements of the user experience.”
Workday is growing fast, but losing money. It lost $26 million on revenues of $62.7 million during the second quarter. It employed 1,452 people as of July 31.
Concur, by contrast, posted revenue of $113.2 million and net income of $6.9 million for its most recent quarter.