Workiva

Last updated
Workiva Inc.
Company type Public
NYSE:  WK (Class A)
Russell 2000 Component
Industry
Founded2008
Headquarters
Ames, Iowa
,
US
Key people
Julie Iskow (President & CEO)
Jill Klindt (CFO)
Brandon Ziegler (Legal) [1]
Services Cloud computing
RevenueIncrease2.svg $630m (2023)
Increase2.svg $18m (2023)
Total assets Increase2.svg $1,219,000 (2023)
Total equity Decrease2.svg -$89,3m (2023)
Number of employees
Increase2.svg 2,526 (2023)
Website www.workiva.com
Footnotes /references
[2]

Workiva, Inc. is a global software-as-a-service (SaaS) company. [3] It provides a cloud-based connected and reporting compliance platform that enables the use of connected data and automation of reporting across finance, accounting, risk, and compliance.

Contents

History

Early history

2008 - 2014

In August 2008, Workiva Inc. was formed as WebFilings LLC in California by six entrepreneurs. [4]

Martin Vanderploeg was a co-founder of EAI and served as CTO and Executive Vice President until they were acquired in 2000 by UGS Corp, [5] [6] [7] and is now a division of Siemens, the German technology multinational. [1]

The Workiva Platform is a cloud-based enterprise software-as-a-service platform that enables companies to collect, manage, report and analyse critical business data in real time. [8] Wdesk also allows companies to manage and file financial and compliance documents to regulatory agencies. [9]

Workiva integrates information from disparate content formats, including spreadsheets, presentation documents, emails and other unstructured data, into a single cloud-based report. [10] [11]

In July 2014, the company's name was changed to Workiva LLC, and was converted into a Delaware LLC in September 2014. [12]

Recent history

2014 - 2019

The company went public in December 2014 and with an IPO on the New York Stock Exchange (NYSE: WK). [13]

Deloitte's 2015 Technology Fast 500 survey of fastest growing technology companies in America Workiva ranked fiftieth among all software companies. [14] In the DevOps Excellence Awards 2019, Workiva won Best Software-Defined Product. [15]

In May 2019, Workiva opened offices in Frankfurt, Germany, and Paris, France. [16] The company also has offices in Amsterdam and London, 12 U.S. cities, and two Canadian cities. [17]

Workiva’s product Wdata allows users to connect large datasets of information to the Workiva platform. [18] It was designed to improve the usefulness of Wdesk. [18]   Wdata connects data from enterprise resource planning, governance risk and compliance platforms, and other third-party, on-premise systems and cloud applications. [19]

Wdata was named the technical innovation of the year by The American Business Awards in June 2019. [20] In September, Workiva updated the Wdata platform to include automatic updates, approval workflows, finance and accounting connectors, risk and control integration, and improved controlled access tools. [19] The company also integrated its platforms with BlackLine, a producer of financial close software. [21] [22] The integration allows accountants to connect and transfer data between the two companies. [21] Later in September, Workiva established a partnership with FloQast, a financial close management software company. [19] [22]  The two offer a reporting and compliance solution for private companies, as well as for companies to use before and after they issue an initial public offering of stock. [19] [22]

2020 - 2021

In March 2020, Fortune included Workiva on its annual list of “Best Workplaces in Technology”, making it the company’s third year on the list. [23]

In April 2020, Workiva launched W for ESEF. [24]  It is a solution to help European companies comply with the European Securities and Markets Authority (ESMA) requirements for European Single Electronic Format (ESEF) reporting. [24]  W for ESEF was made available in 23 European languages. [24] Companies can use the solution to build reports, tag data, and compile the final ESEF submission package. [24]

In November 2020, Workiva appointed COO Julie Iskow to the board. She was named one of the 50 most powerful women in tech in 2019. [25] [26] [27]

In May, the company updated its cloud platform to help companies with Environmental, Social and Corporate Governance (ESG) reporting. [28]

In July 2021, the company became the first SaaS company to enter the United Nations’ Global Compact CFO Taskforce. [29] [30] A few months later, in August 2021, Workiva made its first acquisition when it acquired OneCloud, which provides integration platform as a service software. [31] [32]

In December 2021, Workiva acquired AuditNet, a global audit content and services provider. [33] [34]

In February 2023, Workiva announced that President and Chief Operating Officer Julie Iskow was appointed to succeed Marty Vanderploeg as CEO, starting April 1st. [35]

Applications

Workiva's first SaaS product was SEC reporting software designed to enable corporations to automate their SEC filings by using a proprietary system of document tags and linking. [10] The platform also enabled companies to file electronically directly with the SEC, using the business mark-up language XBRL (Extensible Business Reporting Language), required by the SEC. [36] [37] A customer of Workiva's was the first company to file Inline XBRL with the SEC. [38]

The company has since expanded to include other corporate financial and compliance reporting functions, including:

Workiva's reporting software was created for executives that want to integrate data from different systems, and desire software that updates automatically. [40]

The majority of Fortune 500 companies use Workiva’s software. [23]

European companies use Wdesk to comply with European Securities and Markets Authority’s reporting mandates. [17]

Global Legal Entity Identifier (GLEIF) deployed the Workiva platform to create their annual report which was then showcased by ESMA as a paragon for European Single Electronic Format (ESEF)-compliance reporting. [41]

In September 2021, Workiva formed a partnership with Wilson Sonsini (WSGR), a premier legal firm, to automate the generation of the SEC Form S-1. The new application is known as the WS-1 and helps reduce the time needed to prepare IPO statements. [42] [43]

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References

  1. 1 2 "About Us - Leadership Team". Workiva.com. Retrieved 22 July 2022.
  2. ↑ "Workiva 2021 Annual Report" (PDF). S21.q4cdn.com. Retrieved 2022-07-23.
  3. ↑ "Why Customers Choose Workiva and the Cloud: Security | Workiva".
  4. ↑ "ChartEXE: Market Data Aggregation Service". ChartEXE: Market Data Aggregation Service. Retrieved 2020-11-20.
  5. ↑ "SEC TENDER OFFER STATEMENT (c57319scto-c.txt)". SEC.gov. Security and Exchange Commission. September 5, 2000.
  6. ↑ "Martin J. Vanderploeg Ph.D. - Executive Bio, Work History, and Contacts - Equilar BoardEdge". people.equilar.com. Retrieved 2019-03-22.
  7. ↑ "Person". Bloomberg.
  8. ↑ "Workiva Analytics". Reuters . 17 October 2014.
  9. ↑ Releases, Business Wire News (2019-09-09). "Workiva Announces 2019 Partner Award Winners at Amplify User Conference | Financial Post". Financial Post. Retrieved 2019-09-13.{{cite news}}: |first= has generic name (help)
  10. 1 2 3 Van Decker, John E.; Iervolino, Christopher (May 2016). "Magic Quadrant for Financial Corporate Performance Management Solutions". Gartner. Retrieved 28 September 2016.
  11. ↑ Kugel, Robert (July 2016). "Workiva Automates Composite Documents with Workiva". Ventana Research. Retrieved 1 November 2016.
  12. ↑ "Sparty S-1". Sec.gov. Retrieved 2019-03-07.
  13. ↑ "WORKIVA OF AMES PLANS INITIAL PUBLIC OFFERING". Isupark.org. Iowa State University Research Park Corporation. October 19, 2014.
  14. ↑ "Deloitte's 2015 Technology Fast 500" (PDF). Deloitte.com. Deloitte & Touche LLP.
  15. ↑ "DevOps Excellence Awards 2019 - And the winners are... | Computing". Computing.co.uk. 2019-03-20. Retrieved 2019-04-02.
  16. ↑ "Workiva opens German, French offices". The Ames Tribune. Retrieved 2020-06-22.
  17. 1 2 "Workiva opens German, French offices". The Ames Tribune. Retrieved 2020-06-05.
  18. 1 2 Wildeman, Mary Katherine. "Charleston outfit of software firm made tool to help companies wrangle big data". Post and Courier. Retrieved 2020-06-11.
  19. 1 2 3 4 "Workiva updates Wdata platform, partners with FloQast". Accounting Today. 2019-09-10. Retrieved 2020-06-11.
  20. ↑ Wildeman, Mary Katherine. "Charleston outfit of software firm made tool to help companies wrangle big data". Post and Courier. Retrieved 2020-06-22.
  21. 1 2 "Workiva and BlackLine create platform integration". Accounting Today. 2019-09-04. Retrieved 2020-06-30.
  22. 1 2 3 Brett, Charles (2019-09-17). "Workiva adds integrations with BlackLine and FloQast -". Enterprise Times. Retrieved 2020-06-30.
  23. 1 2 Jett, Tyler. "The secrets behind Ames company rated as having one of top tech workplace cultures". Des Moines Register. Retrieved 2020-06-05.
  24. 1 2 3 4 "Workiva launches W for ESEF to help European companies simplify compliance". Help Net Security. 2020-04-09. Retrieved 2020-07-27.
  25. ↑ "Julie Iskow | 2019 Top 50 Most Powerful Women in Technology". Top50tech.org. Retrieved 2020-12-08.
  26. ↑ "Workiva benoemt Julie Iskow in de Raad van Bestuur". Techvisor.nl. Retrieved 2020-12-08.
  27. ↑ "Julie Iskow treedt toe tot Raad van Bestuur Workiva". Executive-people.nl (in Dutch). Retrieved 2020-12-08.
  28. ↑ Brooks, Steve (3 May 2021). "News from the week beginning 26th April". Enterprise Times. Retrieved 9 September 2021.
  29. ↑ "Workiva's CFO on growth and ESG data". Fortune. Retrieved 2021-11-19.
  30. ↑ "Workiva becomes the first SaaS company to enter the UN Global Compact CFO Taskforce". SaaS Industry. 2021-07-17. Retrieved 2022-02-10.
  31. ↑ "Workiva buys OneCloud in first acquisition". Accounting Today. 2021-08-02. Retrieved 2021-11-19.
  32. ↑ "Workiva acquires OneCloud to expand data integrations for business reporting". VentureBeat. 2021-08-03. Retrieved 2021-11-19.
  33. ↑ "Workiva Buys AuditNet to Add Content". CFO. 2021-12-14. Retrieved 2022-01-28.
  34. ↑ "Workiva acquires AuditNet to empower internal auditors with more technology and resources". Help Net Security. 2021-12-16. Retrieved 2022-01-28.
  35. ↑ "Iskow appointed to succeed Vanderploeg as Workiva CEO". Business Record. 2023-02-22. Retrieved 2023-02-24.
  36. ↑ Security and Exchange Commission (January 30, 2009). "Final Rule: Interactive Data to Improve Financial Reporting" (PDF). Release Nos. 33-9002; 34-59324; 39-2461. Companies will provide their financial statements to the Commission and on their corporate Web sites in interactive data format using the eXtensible Business Reporting Language (XBRL).
  37. 1 2 "Workiva on Inline XBRL and breaking down walls between finance and sustainability". Xbrl.org. Retrieved 2021-10-22.
  38. ↑ "Workiva product first to make Inline XBRL filing with SEC". Business Record. July 6, 2016. Retrieved October 30, 2016.
  39. ↑ Compliance Week Blogs (April 3, 2015). "Workiva Adds New Feature to Wdesk for Sarbanes-Oxley Compliance". Compliance Week. Wilmington Compliance Week plc. Retrieved 30 October 2016.
  40. ↑ Shumsky, Tatyana (2017-11-29). "Stop Using Excel, Finance Chiefs Tell Staffs". Wall Street Journal. ISSN   0099-9660 . Retrieved 2021-10-05.
  41. ↑ "GLEIF Deploys Workiva Platform, Expands into North America – A Team". A-teaminsight.com. July 2020. Retrieved 2020-07-13.
  42. ↑ Jain, Diksha. "Wilson Sonsini Collaborates With Workiva To Automate Form S-1 | JDJournal". Jdjournal.com. Retrieved 2022-01-21.
  43. ↑ artificiallawyer (2021-09-20). "Wilson Sonsini Automates SEC-S1 IPO Registration Form". Artificiallawyer.com. Retrieved 2022-01-21.
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