's Blue Ridge Capital has introduced newly public business
software company, Workday Inc. (
) to its hedge fund portfolio on Oct. 18, according to Griffin's
recent 13G SEC filing.
With an ownership of 6.87%, the transaction totaled to more than
$96 million and a new shareholding of 1,798,000 shares. Each was
purchased at $53.42 per share.
On Oct. 11, Workday announced the price for its initial public
offering. For the 22,750,000 shares of its Class A common stock
that consisted of the offer, each were to be traded at $28.00 per
The stock started trading in the New York Stock Exchange under
the symbol WDAY the next day, where it experienced an almost 70%
jolt by the end of the day; its price has about doubled since the
day of its IPO price announcement.
Founded in 2005 by Peoplesoft's former chairman Dave Duffield and
former chief executive officer Aneel Bhusri, Workday develops
cloud-based applications tailored to improve several services
relevant to all businesses, including financial management, human
capital management, global payroll solutions, time tracking,
expenses and procurement.
With a business model driven by the growing market of SaaS-based
solutions (software as a service), Workday incorporates self
service, seamless management and cloud integrations to deliver to
its client base, which range from academic institutions and large
corporations, to online companies such as Ancestry.com and
Over the last few months, Workday news has revealed significant
moves for expansion.
In May, Workday announced the company's new Europe-based clients
including Direct Line Insurance Group PLC headquartered in
England, Ramboll headquartered in Denmark and Scandic Hotels
headquartered in Sweden.
In July, Workday welcomed companies from several new industries
to provide its services to; these industries include the gaming,
automotive, health care and defense industries.
"When enterprise software emerged decades ago, the concept of
global business had not yet evolved. Businesses were siloed by
regions, and software was designed to support that approach,"
Duffield said in Workday press release. "At Workday, global
functionality for today's businesses is built into the core of
our solutions, which we now support in more than 219 countries.
We welcome these new customers to Workday."
Workday Inc. is currently trading at $50, with a market cap of
With an investment philosophy that involves picking
industry-dominating stocks that can "produce superior return over
a three to five year time period," according to its Gurufolio
report, Blue Ridge Capital is the only value investor on
GuruFocus thus far who has acquired Workday since it's been named
a public company.
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