Workiva Inc. has filed its S-1 form with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). No terms were given for the offering, but the filing was up to $100 million. The company will list on the New York Stock Exchange under the symbol WK. The underwriters for the offering are Morgan Stanley, Baird, Raymond James, Credit Suisse and Stiffel.
Source: Workiva IPO Filing
Workiva has pioneered a cloud-based and mobile-enabled platform for enterprises to collaboratively collect, manage, report and analyze critical business data in real time. The software platform, Wdesk, allows users to integrate and control all of their business data with live-linking technology. At the end of September, the company had worked with more than 2,100 enterprise customers, including over 60% of both the Fortune 500 and Fortune 100. The company also said that its largest customer represented less than 2% of revenues — and it recently had a 97.3% revenue retention rate.
The Wdesk product platform also allows multiple users to simultaneously create, review and publish data-linked documents and reports. The company offers customer solutions for compliance, risk, sustainability and management reporting, as well as enterprise risk management. Underlying these solutions is a scalable, enterprise-grade data engine that collects, aggregates and manages our customers’ unstructured and structured data.
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The proceeds from this offering will be put toward general corporate purposes and working capital. Pending other uses, the proceeds will be used to invest in interest-bearing investment-grade instruments. On revenues and growth since its first solution in March of 2010, the company said:
Our revenue increased from $14.9 million in 2011 to $52.9 million in 2012 and $85.2 million in 2013, representing a 139.3% compound annual growth rate. We incurred a net loss of $13.6 million in 2011, $30.4 million in 2012 and $25.8 million in 2013. For the nine months ended September 30, 2013 and 2014, our revenue grew 34.1% from $61.6 million to $82.6 million. We incurred a net loss of $22.5 million and $28.4 million for the nine months ended September 30, 2013 and 2014, respectively. Approximately 77% of our revenue in 2013 was derived from subscription and support fees, with the remainder from professional services.
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