Shares of cloud-HR company Workday Soar on First Day of Trading
The highly anticipated debut of Workday did not disappoint. Shares of the enterprise software provider opened at $48.05 Friday — well above the $28 per share opening price set earlier in the week. At the time of this post, the company, had sold 22.75 million shares raising $637 million.
Workday provides human resources Software as a Service (SaaS) and is the brainchild of PeopleSoft founder Dave Duffield and Aneel Bhusri, another respected former PeopleSoft executive.
The two decided to take what PeopleSoft did best — tasks like handling employee records, reviews, payroll etc. — and move the whole kit-and-kaboodle to Software as a Service a la Salesforce.com. The company launched in 2005 about a year after Oracle completed its highly contentious battle to acquire PeopleSoft.
Read the full story on GigaOM here.