Workiva

Workiva, Inc. is a global Software as a service (SaaS) company.[4] 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.

Workiva Inc.
TypePublic
NYSEWK (Class A)
Russell 2000 Component
Industry
Founded2008
Headquarters,
Key people
Marty Vanderploeg (CEO)
Jill Klindt (CFO)
Julie Iskow (COO) [1]
ServicesCloud computing
Revenue$298 million (2019)[2][3]
Number of employees
1,421 (2019)
Websitewww.workiva.com

The company was named for the second consecutive year as one of Fortune's 100 Best Companies to Work For in 2020.[5]

HistoryEdit

Early historyEdit

In August 2008, Workiva Inc. was formed as WebFilings LLC in California by six entrepreneurs— four engineers and two public-company chief financial officers.[6] Five of the founders previously served as executives at Engineering Animation Inc. (EAI), a 3D computer animation company.

Workiva's CEO, Martin Vanderploeg was a co-founder of EAI (NASDAQ:EAII) and served as CTO and Executive Vice President until they were acquired in 2000 by UGS Corp,[7][8][9] and is now a division of Siemens, the German technology multinational.[10]

Workiva's primary product is Wdesk, a cloud-based enterprise software-as-a-service platform that enables companies to collect, manage, report and analyse critical business data in real time.[11] Wdesk also allows companies to manage and file financial and compliance documents to regulatory agencies.[12]

The Wdesk platform integrates information from disparate content formats, including spreadsheets, presentation documents, emails and other unstructured data, into a single cloud-based report.[13][14]

Recent historyEdit

In July 2014, the company's name was changed to Workiva LLC, and was converted into a Delaware limited liability company in September 2014.[15] In October 2014, Workiva opened its Ames campus in Iowa State University Research Park.[16]

The company went public in December 2014 and with an IPO on the New York Stock Exchange (NYSE: WK).[17]

Deloitte's 2015 Technology Fast 500 survey of fastest growing technology companies in America Workiva ranked fiftieth among all software companies.[18] In the DevOps Excellence Awards 2019, Workiva won Best Software-Defined Product.[19]

In May 2019, Workiva opened offices in Frankfurt, Germany, and Paris, France.[20] The company also has offices in Amsterdam and London, 12 U.S. cities, and two Canadian cities.[21]

Workiva’s product Wdata allows users to connect large datasets of information to the Workiva platform.[22] It was designed to improve the usefulness of Wdesk.[22]  Wdata connects data from enterprise resource planning, governance risk and compliance platforms, and other third-party, on-premise systems and cloud applications.[23]

Wdata was named the technical innovation of the year by The American Business Awards in June 2019.[24] 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.[23] The company also integrated its platforms with BlackLine, a producer of financial close software.[25][26] The integration allows accountants to connect and transfer data between the two companies.[25] Later in September, Workiva established a partnership with FloQast, a financial close management software company.[23][26] 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.[23][26]

In March 2020, FORTUNE included Workiva on its annual list of “Best Workplaces in Technology”.[27] It was the company’s third year on the list.[27] Workiva was also added to FORTUNES 100 Best Places to Work list for the second year in a row in 2020 (#58).[28]

In April 2020, Workiva launched W for ESEF.[29] 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.[29] W for ESEF was made available in 23 European languages.[29] Companies can use the solution to build reports, tag data, and compile the final ESEF submission package.[29]

In November 2020, COO Julie Iskow was appointed to the board. She was named one of the 50 most powerful women in tech in 2019.[30][31][32]

In early 2021, it was announced that Jill Klindt, previously senior VP, treasurer and chief accounting officer at Workiva, had been named CFO.[33]

ApplicationsEdit

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.[13] 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.[34] A Workiva customer was the first company to file Inline XBRL with the SEC.[35]

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

  • Sarbanes–Oxley reporting and Recovery and Resolution Plans (RRP) - WDesk integrates documentation required for financial statements, risk assessment and forecasts required by the Sarbanes–Oxley Act into a single view.[36]
  • SEC Filing - including EDGAR HTML conversion and XBRL mapping, creating and filing documentation for IPOs, S-1s, 10Ks, 10-Qs, 20-Fs, as well as the reports needed to meet Investor Relations, Mutual Fund reporting regulations.
  • CAFR and State and Local Reporting - used by municipal securities issuers or agents for preparing documentation for Continuing Disclosures to the Municipal Securities Rulemaking Board and documentation required of state and local education departments to meet mandated guidelines.
  • Sustainability and Corporate Social Responsibility (CSR) - WDesk supports most global reporting frameworks that track CSR including Global Responsibility Index, the Carbon Disclosure Project and the Dow Jones Sustainability Indices.
  • Internal Reporting - these tasks include compiling management reports, risk assessments, board reports, among others.[13]

The majority of Fortune 500 companies use Workiva’s software.[27]

European companies use Wdesk to comply with European Securities and Markets Authority’s reporting mandates.[21]

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.[37]

ReferencesEdit

  1. ^ https://www.workiva.com/uk/about/leadership-team
  2. ^ "Workiva Announces Fourth Quarter and Full Year 2019 Financial Results". Yahoo Finance. Retrieved 22 January 2021.
  3. ^ https://www.cfo.com/people/2021/02/cfos-on-the-move-week-ending-february-19-2/. Missing or empty |title= (help)
  4. ^ https://www.workiva.com/uk/blog/why-our-customers-choose-workiva-and-cloud-security
  5. ^ https://www.businesswire.com/news/home/20200218005476/en/Workiva-Named-2020-FORTUNE-100-Companies-Work
  6. ^ "ChartEXE: Market Data Aggregation Service". ChartEXE: Market Data Aggregation Service. Retrieved 2020-11-20.
  7. ^ "SEC TENDER OFFER STATEMENT (c57319scto-c.txt)". SEC.gov. Security and Exchange Commission. September 5, 2000.
  8. ^ "Martin J. Vanderploeg Ph.D. - Executive Bio, Work History, and Contacts - Equilar BoardEdge". people.equilar.com. Retrieved 2019-03-22.
  9. ^ "Person". Bloomberg.
  10. ^ "CEO background".
  11. ^ "Workiva Analytics".
  12. ^ Releases, Business Wire News (2019-09-09). "Workiva Announces 2019 Partner Award Winners at Amplify User Conference | Financial Post". Retrieved 2019-09-13.
  13. ^ a b c Van Decker, John E.; Iervolino, Christopher (May 2016). "Magic Quadrant for Financial Corporate Performance Management Solutions". Gartner. Gartner. Retrieved 28 September 2016.
  14. ^ Kugel, Robert (July 2016). "Workiva Automates Composite Documents with Wdesk". Ventana Research. Ventana Research. Retrieved 1 November 2016.
  15. ^ "Sparty S-1". www.sec.gov. Retrieved 2019-03-07.
  16. ^ Santana, M (October 2, 2014). "Workiva opens new Ames campus". desmoinesregister.com. Des Moines Register.
  17. ^ "WORKIVA OF AMES PLANS INITIAL PUBLIC OFFERING". Isupark.org. Iowa State University Research Park Corporation. October 19, 2014.
  18. ^ "Deloitte's 2015 Technology Fast 500" (PDF). Deloitte.com. Deloitte & Touche LLP.
  19. ^ "DevOps Excellence Awards 2019 - And the winners are... | Computing". www.computing.co.uk. 2019-03-20. Retrieved 2019-04-02.
  20. ^ staff, Tribune. "Workiva opens German, French offices". The Ames Tribune. Retrieved 2020-06-22.
  21. ^ a b "Workiva opens German, French offices". The Ames Tribune. Retrieved 2020-06-05.
  22. ^ a b Wildeman, Mary Katherine. "Charleston outfit of software firm made tool to help companies wrangle big data". Post and Courier. Retrieved 2020-06-11.
  23. ^ a b c d "Workiva updates Wdata platform, partners with FloQast". Accounting Today. 2019-09-10. Retrieved 2020-06-11.
  24. ^ Wildeman, Mary Katherine. "Charleston outfit of software firm made tool to help companies wrangle big data". Post and Courier. Retrieved 2020-06-22.
  25. ^ a b "Workiva and BlackLine create platform integration". Accounting Today. 2019-09-04. Retrieved 2020-06-30.
  26. ^ a b c Brett, Charles (2019-09-17). "Workiva adds integrations with BlackLine and FloQast -". Enterprise Times. Retrieved 2020-06-30.
  27. ^ a b c Jett, Tyler. "The secrets behind Ames company rated as having one of top tech workplace cultures". Des Moines Register. Retrieved 2020-06-05.
  28. ^ "100 Best Companies to Work For". Fortune. Retrieved 2020-07-13.
  29. ^ a b c d "Workiva launches W for ESEF to help European companies simplify compliance". Help Net Security. 2020-04-09. Retrieved 2020-07-27.
  30. ^ "Julie Iskow | 2019 Top 50 Most Powerful Women in Technology". Retrieved 2020-12-08.
  31. ^ "Workiva benoemt Julie Iskow in de Raad van Bestuur". www.techvisor.nl. Retrieved 2020-12-08.
  32. ^ "Julie Iskow treedt toe tot Raad van Bestuur Workiva | Executive People". executive-people.nl (in Dutch). Retrieved 2020-12-08.
  33. ^ Muskett, Lauren (2021-02-19). "CFOs On the Move: Week Ending February 19". CFO. Retrieved 2021-02-22.
  34. ^ 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).
  35. ^ "Workiva product first to make Inline XBRL filing with SEC". Business Record. July 6, 2016. Retrieved October 30, 2016.
  36. ^ 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.
  37. ^ "GLEIF Deploys Workiva Platform, Expands into North America – A Team". Retrieved 2020-07-13.