Workday raises $85 Million for HR and Payroll Services Cloud

Workday, Inc., the Pleasanton, CA – based leader in the SaaS-based enterprise solutions for payrolls, HR and financial management, has recently announced the end of the series F of funding which has brought the company the amount of $85 million. This funding round has been led by several new investors, including T. Rowe Price, Morgan Stanley Investment Management, Janus Capital Group Inc. and Bezos Expeditions, the personal investment company of Jeff Bezos, the founder and CEO of Amazon.com.

This new incredible round of funding comes in order to convince us of the fact that the cloud-based services are really important in today’s market and this makes them capable of attracting huge amounts in venture capital. Before receiving this new amount of money, Workday has been valuated at the amount of $2 billion.

Workday provides its clients, from more than 230 companies, professional and high-quality cloud services specialized for the activities led by the HR department, the payroll and the financial management department. This may not seem impressive at the first glance, but when you consider the fact that these 230 companies stand for more than 2 million users, you will understand why Workday is such a great success on the clouding market. Moreover, Workday is already famous for the fact that its services allow companies cut down costs and bring immediate value, which means that Workday has real potential of growing some more.

Aneel Bhusri, the co-founder and CEO of Workday, has recently stated the following: “We believe the calibre 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. With this capital, Workday will continue to expand its core technology, products, go-to-market capability, and administrative infrastructure.”

The company has recently focused upon developing its mobile experience, providing more and more solutions for mobile browsers for its cloud offerings and developing more and more native applications for iPad and iPhone. In a previous statement, persons from the company declared that Workday want its clients to have secure access to the critical real-time data regardless of their location.

The company has been founded in 2005 and it has also raised $75 million in a previous round which took place in the month of April, 2009. That funding round has been led by New Enterprise Associates with the participation of the previous investors from Greylock Partners and Dave Duffield, the co-founder of Workday. If we are to do the math, the company has managed to raise, up to this moment, the amount of $250 million. As the company announces, Allen & Company LLC has served as a financial adviser to the firm and has assisted Workday in putting together this funding round.