Workday secures $85m in financing

Johannesburg, 31 Oct 2011
Read time 1min 30sec

Workday secures $85m in financing

Workday, the provider of SaaS-based enterprise solutions for global human resources, payroll and financial management, has closed $85 million in Series F financing, Market Watch reports.

New investors, including T. Rowe Price, Morgan Stanley Investment Management, Janus Capital Group and Bezos Expeditions, the personal investment company of founder and CEO Jeff Bezos, led the round.

Workday offers human capital management, payroll, and financial management solutions, making it easy for organisations to rip and replace entire traditional administrative enterprise resource planning (ERP) systems.

Vator News reveals that the investors behind this round of capital differ from most funding announcements because the sources are institutional backers rather than the tech-happy venture capital regulars.

"We believe the caliber of this group of investors underscores the market opportunity before us. The world's largest and most global enterprises are moving their business management solutions to the cloud," said Aneel Bhusri, Workday co-founder and CEO.

Cloud computing is a clearly necessary business solution for all companies looking to scale their growth and make their content accessible globally - and Workday has made a name for itself in that environment.

The plan, Bhusri says, was to create the next generation of PeopleSoft's software, or the next generation of SAP's human resources and ERP software - essentially, software that businesses need to run day to day. But rather than deliver it in the traditional manner - run it on machines at the customer's location - it's all delivered via the cloud.

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