Workday, a company that provides cloud software for business operations, has filed its S-1, the first step to going public.
According to the document filed with the Securities and Exchange Commission, the majority of the proceeds will go toward working capital and other corporate purposes.
The company was founded seven years ago to meet the increasing demand for human resources management software by PeopleSoft veterans Dave Duffield and Aneel Bhusri. The company’s revenues have steadily increased in the past four years to $134.4 million despite stiff competition from Oracle.
Back in December, VentureBeat reported that following in the footsteps of Jive Software’s successful IPO, the company would file its own public offering for $500 million, as anticipated by Bloomberg. That day has finally come, although the number is significantly lower than analysts predicted. It’s one of the most anticipated tech IPOs, but Workday has experienced ups and downs, and last year, it reported $80 million in losses.
The IPO filing is also a little later than expected, as it was on track for summer or early fall so that shares could debut by the end of the year.
As VentureBeat’s Sean Ludwig reported when the company raised its last major private funding round of $85 million, the company has over 2 million users and a track record for helping organizations cut costs and bringing them immediate value.
The Pleasanton, Calif.-based Workday has raised $175 million in venture capital funding from storied investors like Amazon’s Jeff Bezos, and its workforce has expanded to 1,450 employees.
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