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Workday Reportedly Files IPO Papers on the QT

It’s IPO has been highly anticipated and could be glorious

Workday, the promising cloud-based HR and financial management start-up founded by the founder and former chief strategist of PeopleSoft David Duffield and Aneel Bhusri, has reportedly filed its S-1 paper to go public under a new law that will let it keep its financials under wraps until 21 days before its investor-fanning roadshow.

It's IPO has been highly anticipated and could be glorious. Reuters, which broke the story, figures it could be the "largest market debut" since Facebook's botched IPO in May.

Workday, which is subscription-based, is a lot more stable than Facebook.

The law it's reportedly using is the so-called JOBS Act, short for the Jumpstart Our Business Startups Act, intended to help companies with less than a billion dollars in revenues get out.

Reuters says it filed its S-1 with the SEC last week intending to go public in October, depending on market conditions.

Morgan Stanley, Goldman Sachs and JP Morgan are supposed to take it out.

Workday raised $250 million from VCs including Greylock, New Enterprise Associates, T Rowe Price, Morgan Stanley Investment Management, Janus Capital Group and Bezos Expeditions, the venture arm of Amazon CEO Jeff Bezos.

Reuters remembers Oracle CEO Larry Ellison recently dissing Workday for not using a database and for relying on a Flash interface, claiming that renders the widgetry useless on the iPad and iPhone. Workday says that's baloney. Need we say that Oracle, which acquired PeopleSoft in 2004, and Workday compete?

Workday customers include Flextronics, Chiquita Brands and Time Warner.

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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