Workday attracts the Street, profit-increase more than 100 percent in calendar first half

Oracle and SAP now have another competitor in the game, nobody until now called Workday. The company was founded by David Duffield seven years ago and now its grabbing Wall Street’s attention to the fullest.

David Duffield can be remembered by his past endeavour PeopleSoft that was acquired by Oracle in 2005. The money maker made tons of press on acquisition as Oracle paid dirt-low price of $10.3 Billion.

Duffield may be in a fit of vengeance started the new venture Workday and slowly progressed and made its mark in the market. Now it has grabbed the attention at big stock arena as it goes public in the next few months.

Supplying human capital management solutions to big players as American Insurance Group (AIG), Workday has gouged a massive chunk of market share from Oracle and SAP. Its software-as-a-service and cloud-based HCM solutions are less expensive and more effective than the competition.

“Slowly but surely, they are pecking away,” said Lisa Rowan, an analyst for research firm IDC. “They are making those other guys scared.”

Rowan is of the opinion that Duffield might have started Workday to get back at Oracle and SAP is mincing in the machine along with it.

“I think they formed Workday with the intention of getting every single PeopleSoft customer back, one at a time, and they are getting some SAP ones to boot,” she said. “David Duffield is almost a folk hero in HCM.”

Workday has more than 350 customers including AIG, Flextronics International and Kimberly-Clark, according to a statement. “Obviously, those guys take Workday very seriously,” Rowan said.

The company is currently in the process of filing with Security and Exchange Commission for its initial public offering, most probably later this year. In its documents, the company said its profits rose 118 percent in the first half of calendar 2012, compared to the same period last year.

Short URL: https://www.newspakistan.pk/?p=33226

Posted by Usman Khalid on Sep 26 2012. Filed under Sci-Tech. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.