Workiva Strengths, Domain Expertise, and Key Differentiators
Workiva is a cloud platform for reporting, compliance, and data management. It is powered by one of the fastest, safest, and most sophisticated data management engines available. The platform goes beyond traditional rows and columns, documents, and spreadsheets, and connects numbers, narrative, and supporting files in new and powerful ways—allowing our customers and partners to do amazing things.
Over 3,510 organizations use the Workiva cloud platform to modernize work across the enterprise. Workiva customers love the platform because it delivers the speed, flexibility, and usability of common desktop tools with the power and sophistication to address the most complex enterprise reports and processes. Workiva is used to solve the most sophisticated reporting challenges. With Workiva, customers create and connect data and narrative to consolidate and publish financial, performance, and regulatory reports.
Workiva is the SEC reporting market leader. Workiva maintains a large ongoing investment in XBRL mapping and tagging technologies and a bench of XBRL experts.
Workiva adds value throughout the financial reporting life cycle and optimizes the last mile of finance - from close through disclose. Workiva provides a welcome alternative to manual spreadsheets and complex legacy systems and enables users to connect and consolidate data from ERP, consolidation, and other financial systems. Workiva also optimizes the last mile of analytics.
Many organizations have a portfolio of tools for business intelligence, data warehousing, analytics, and EPM. However, they still struggle when preparing final reports that combine the numbers, narrative, and dashboards required to convey results. Workiva connects data from across the enterprise and provides a document-centric user experience to create, collaborate, and publish polished reports, digital reporting books, and presentations.
Workiva is also used for SOX, audit and risk management use cases. SOX, audit, and risk teams use the Workiva platform to collaborate and share risk and control frameworks, testing, risk assessment, and compliance documentation. The collaborative work management functionality enables teams to easily create, modify, and connect risk and control information across departments, business units and risk, and compliance teams.
Packed with innovation, the Workiva platform supports broader enterprise use cases powered by features including data management, workflow, collaboration, calculations, document management, mobile, dashboards, reports, and more. Workiva enables users to connect documents and data at enterprise scale in a collaborative work management platform. Many organizations have a portfolio of tools for business intelligence, data warehousing, analytics, and EPM. However, they still struggle when preparing final reports that combine the numbers, narrative, and dashboards required to convey results.
Workiva connects data from across the enterprise and provides a document-centric user experience to create, collaborate, and publish polished reports, digital reporting books, and presentations.
Workiva Recent Developments
In July 2021, Workiva joined the United Nations’ Global Compact CFO Taskforce. A few months later, in August 2021, Workiva made its first acquisition when it acquired OneCloud, which provides an integration platform as a service software.
In April 2021, Workiva launched its new ESG solution on its cloud platform, aiming to help companies keep pace with increasing demands from regulators, rating agencies, institutional investors, and other stakeholders for trusted, transparent data and proof of ESG forward-looking business goals.
In January 2021, all Workiva customers had been migrated onto the new Workiva Platform.
Workiva Mergers and Acquisitions (M&A) Activities
In August 2021, Workiva acquired OneCloud. OneCloud provides iPaaS (integration platform as a service) software and has been a partner of Workiva’s since 2019.
Workiva Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Workiva applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Workiva and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified OneCloud, Audit Net, Arelle and ParsePort customers.
Ownership: - NYSE:WK
Number of Employees: 2106
Workiva Key Enterprise and Cloud Applications
OneCloud, Audit Net, Arelle and ParsePort
Workiva Revenues, $M:
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* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Workiva Revenue Breakdown By Type, $M:
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Workiva Enterprise Applications Revenues By Functional Markets, $M:
Workiva Enterprise Applications Revenues By Verticals, $M:
Workiva Revenues By Region, $M
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Workiva Direct vs Indirect sales
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Workiva Customers - Breakdown by Geo, Size, Vertical and Product
No. of Workiva Customers: 4315
No. of Workiva Enterprise Applications Customers: 4315
No. of Workiva Cloud Customers: 4315
No. of Workiva Cloud Subscribers: 4315
Thousands of organizations, including global enterprises with hundreds of thousands of employees, trust Workiva. As of December 31, 2021, Workiva had more than 4,300 customers. Customers include 84% of the Fortune 100 and more than 76% of Fortune 500 companies.
Recent customer wins include: New York Life Insurance Company, Upland Software, JLL Income Property Trust, American Enterprise Group, Casey’s General Stores Inc., Noodles & Company, Pioneer Energy Services Corp., Republic Airways Holdings Inc., Western Alliance Bancorporation, Altera, American Equity, Black Hills Corporation, Discovery Communication, eBay, FBL Financial Group, Inc., FirstMerit Corporation, Lattice, Lower Lakes Towing, Meredith, MidWestOne Financial Group, NII Holdings, Inc., Orbitz WorldWide, Pinnacle Entertainment, Tanger Outlets, TiVo, Tupperware, Winnebago, ASM International, Century Aluminum, Eagle Rock Energy Partners, L.P., Hecla Mining Company, Herman Miller, Keinnedy Wilson, Molycorp, ViewPoint Bank, AES Energy, Advance Auto Parts, Amtech Group, Aviat Network, BridgePoint, Cascades, Davey, Eaton, InterDigital, Kindred Bio, Magellan Petroleum, Pioneer, Power Integrations, Radisys, Ultimate Software, Whirpool, Allianz, Amgen, Best Buy, Boston Scientific, Calvert Investments, Chevron and many others.
Workiva Market Opportunities, M&A and Geo Expansions
In December 2021, Workiva acquired AuditNet, a global audit content, and services provider. Workiva entered into a strategic partnership with AuditNet in March 2020 to offer customers access to AuditNet's robust content catalog to help them create and update internal audit programs with transparency and accountability inside the Workiva platform.
In early 2021, Workiva announced that Jill Klindt, previously senior VP, treasurer, and chief accounting officer at Workiva, had been named CFO. In May, the company updated its cloud platform to help companies with Environmental, Social, and Corporate Governance (ESG) reporting.
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.
In April 2020, Workiva launched W forESEF. 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. W for ESEF was made available in 23 European languages. Companies can use the solution to build reports, tag data, and compile the final ESEF submission package.
In September 2019 Workiva released new Wdata capabilities, including automatic updates, approval workflows, and improved connectivity. Wdata is a Workiva platform component that enables customers to orchestrate data from Enterprise Resource Planning (ERP), Governance Risk and Compliance (GRC) platforms, other third-party, on-premise systems and cloud applications.
In April 2019 Workiva extended its operations with opening new offices in Frankfurt, Germany and Paris, France.
European companies are now adopting the Workiva platform to comply with the European Securities and Markets Authority's mandate for Inline XBRL for its European Single Electronic Format (ESEF) taxonomy. More than 5,000 EU issuers will be required to use this taxonomy for their annual financial reports, ending on or after January 1, 2020.
Multinational companies are also using Workiva's platform to improve efficiency and transparency in global statutory reporting, which is a complex and painful process for reporting information to government agencies to comply with each jurisdiction’s local GAAP requirements.
The Workiva Frankfurt office is located at 8 Taunusanlage and the Workiva Paris office is located at 277, Rue Saint-Honoré. Workiva also has offices in Amsterdam and London, as well as in 12 U.S. cities and two Canadian cities.
Corporations often struggle with outdated on-premise software and desktop tools that are not equipped to manage disparate business data and control numerous collaborators, documents and spreadsheets. Inefficient, legacy software systems are further compounded by four key trends: increasing regulatory requirements and legislation, expanding volumes of data, increasing oversight, and growing need for data transparency.
Workiva is a pure cloud platform that leverages both the Google Cloud Platform and Amazon Web Services and is composed of proprietary and opensource technologies. The Workiva platform has been adopted by 3,400+ organizations to manage processes including Disclosure Reporting, Financial Reporting, Management & Performance Reporting, Regulatory Reporting, and Risk and Compliance use cases.
With the release of expanded integration and workflow capabilities, there is a significant growth opportunity for Workiva to expand the use of their platform in their large enterprise and mid-market clients and continue their pace of adding at least 250 customers per year. The company is also expanding its partner network and global distribution.
Workiva Risks and Challenges
Risks facing Workiva’s business could include failure to effectively manage growth which would result in difficulty or delays in deploying customers, declines in quality or customer satisfaction, increases in costs, difficulties in introducing new features or other operational challenges, and any of these obstacles could adversely impact our business performance and results of operations.
Workiva Ecosystem, Partners, Resellers and SI
Workiva's sales development representatives qualify for sales-accepted opportunities for its account managers. The pre-sales engineers focus on solutions and custom product demonstrations and consultative sales. Their account managers work to attract new customers as well as expand their platform into new use cases and departments across our current customers’ organizations. Workiva's customer success and professional services teams also help its account managers build their existing customer relationships by providing advice and best practices that enable users to harness the full power of its platform.
In 2021, Workiva continued to expand its ecosystem of over 200 partners, including global consulting firms, systems integration, technology firms and leading regional consulting firms. Their highly skilled advisory and implementation partners offer a wide range of subject-matter expertise that broadens our platform’s capabilities and promotes Workiva as part of the digital transformation projects they implement for their customers. Workiva's technology partners enable powerful data and process integrations that enable our customers to connect their existing ecosystem of solutions directly to its platform. Their partners help to extend their customer reach through marketing and promotion and help accelerate the sale and delivery of their platform.
Workiva Cloud Infrastructure Insights
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