Workday’s Irish arm posts revenues of just under $1bn

Revenues at the Irish arm of HR and financial management software company Workday came in at just under €1 billion last year as its pretax losses narrowed.

Workday, which employs more than 1,200 people in the Republic, has seen major growth in revenues and headcount in recent years with the number of staff it employs locally more than doubling over the past five years.

Turnover at the software-as-a-service company’s Irish subsidiary rose to $994.3 million (€882.5 million) for the 12 months to January 2021 as against $817.8 million a year earlier. Pretax losses fell from $707 million to $469 million over the same period.

Net assets amounted to $2.6 billion down from $3.15 billion in the prior year.

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Staff numbers rose to 1,238 during the period compared to 1,154 a year earlier with related costs, including wages and salaries, rising to $212.4 million from $166.9 million.

The company announced plans to create a further 400 jobs locally earlier this year.

IP acquisition

Early last year, Workday's Irish arm acquired intellectual property (IP) valued at $78 million from its ultimate parent. This came ahead of the shareholding in the company being transferred to Workday Global from its previous immediate parent, Workday International Ltd.

Workday established its European headquarters in Ireland in 2008 following its acquisition of Cape Clear Software. Founded by former PeopleSoft founder and chief executive Dave Duffield in 2005, Workday provides financial management, human capital management and analytics applications via the cloud to more than 1,000 organisations worldwide. Customers include Aon, Airbus, Fedex, Levi Strauss, Comcast, Puma and Sanofi.

Workday last month announced third quarter global revenues of $1.33 billion, up 20 per cent on the prior year.