Workday, a Pleasanton, California-based company that specializes in cloud-based payroll, financial management and employee expense management, is soaring in its initial public offering today. The company, which priced the IPO at $28 under the ticker WDAY, is now trading around $47 per share.
The competitor to Redmond-based Concur Technologies is backed by Amazon.com co-founder Jeff Bezos, Greylock, NEA and others who’ve pumped more than $250 million into the company. Shares of Concur are trading up today at about $68 per share, giving the maker of travel and entertainment expense management software a market value of $3.8 billion.
Workday, which employed 1,452 people at the end of July, lost $26 million on revenues of $62.7 million during the second quarter. It raised $637 million in the IPO, giving it a market value of about $4.5 billion right off the bat.
Here’s the management team at Workday ringing the opening bell today on the New York Stock Exchange.