Workiva

Workiva Inc.
Public
Traded as NYSE: WK (Class A)
Russell 2000 Component
Founded 2008
Headquarters Ames, Iowa, United States
Key people
 Marty Vanderploeg, CEO; Jeff Trom, CTO
Website www.workiva.com

Workiva is an enterprise software company based in Ames, Iowa. Founded in 2008 as Webfilings, its main product is Wdesk, a cloud-based enterprise management and auditing software-as-a-service platform that enables companies to create and file financial and compliance reports and documents to the SEC and other federal and state regulatory agencies. The Wdesk platform integrates information from disparate content formats, including spreadsheets, presentation documents, emails and other unstructured data, into a single cloud-based report.[1][2] The company employs approximately 1,200 people with offices in 16 cities in the United States, Canada and Europe.[1]

History

Workiva was founded as Webfilings in 2008 by three technology entrepreneurs who'd created and run Engineering Animation Inc. (EAI), a 3D computer animation company, also based in Ames—Workiva COO, Martin Vanderploeg, a former engineering professor at Iowa State University (ISU); Jeff Trom, CTO; and Matthew M. Rizai, CEO. They sold EAI to EDS/UGS PLM,[3] and it is now a division of Siemens, the German technology multinational.

WebFilings changed its name to Workiva in June 2014 and went public in December 2014 (NYSE: WK).[4][5]

Its customers include Amgen, Colgate Palmolive, Chevron and Google. The company has been recognized as an innovator in its field. A May 2016 Gartner Magic Quadrant analysis of the ten leading financial corporate performance management software firms, ranked Workiva in the "Leader" quadrant along with three others: SAP SE, Oracle and BlackLine.[1] In Deloitte's 2015 Technology Fast 500 survey of fastest growing technology companies in America, Workiva ranked fiftieth among all software companies.[6] In February 2017, it won the Business Intelligence Group's BIG Innovation Award.

Applications

Workiva 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.[1] 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.[7] A Workiva customer was the first company to file Inline XBRL with the SEC.[8]

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.[9]
  • 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.[1]

Operations

The company is headquartered in Ames, Iowa and has domestic offices in Denver and Boulder, CO; Missoula and Bozeman, MT; Chicago, IL; Columbus, GA; Dallas, TX; Miami, FL; New York, NY; Scottsdale, AZ; Seattle, WA; and international offices in Saskatoon, Saskatchewan, Sault Ste. Marie, Ontario, London, U.K., and Amsterdam, NL.

In 2016, Forbes magazine recognized Workiva as one of the 25 Highest-Rated Public Cloud Computing Companies To Work For.[10] An employee survey conducted by Great Place to Work and Fortune in 2016, Workiva received a 97 percent overall approval rating, and 96 percent ranked the company a "great" place to work.[11] Workiva ranked #4 on Fortune magazine’s 2016 Top 10 Best Large Workplaces in Technology[12] and ranked #6 on Fortune magazine’s Top 50 Best Large Workplaces.[13] Other industry recognition includes:

Notable events

  • June 2018 - CEO and Chairman of the Board, Matt Rizai, resigns. COO Martin Vanderploeg is promoted to CEO.
  • July 2016 - Workiva releases third annual Sustainability Report
  • December 2014 - Workiva is traded as a public company on the New York Stock Exchange[14]
  • October 2014 - Workiva opens its new Ames campus in Iowa State University Research Park[15]
  • July 2014 - WebFilings changes its name to Workiva[16]
  • March 2013 - Webfilings launches its Wdesk platform for corporate compliance, audit and risk teams
  • January 2011 - Workiva rolls out Q1 2011 release of its end-to-end SEC reporting solution
  • March 2010 - Workiva launches fully integrated, end-to-end solution that streamlines SEC reporting
  • October 2009 - Workiva completes software beta program, filing 10-Q reports to the SEC with two beta customers
  • July 2009 - Wdesk beta version is rolled out. Winnebago Industries testers are enthusiastic
  • September 2008 - Company founded as WebFilings. Work begins on developing SEC filing software

Governance

Executive management team:

References

  1. 1 2 3 4 5 Van Decker, John E.; Iervolino, Christopher (May 2016). "Magic Quadrant for Financial Corporate Performance Management Solutions". Gartner. Gartner. Retrieved 28 September 2016.
  2. ↑ Kugel, Robert (July 2016). "Workiva Automates Composite Documents with Wdesk". Ventana Research. Ventana Research. Retrieved 1 November 2016.
  3. ↑ "SEC TENDER OFFER STATEMENT (c57319scto-c.txt)". SEC.gov. Security and Exchange Commission. September 5, 2000.
  4. ↑ "WORKIVA OF AMES PLANS INITIAL PUBLIC OFFERING". Isupark.org. Iowa State University Research Park Corporation. October 19, 2014.
  5. ↑ Megan Bannister (July 1, 2014). "WebFilings changes name to Workiva, hones focus on Wdesk platform". SiliconPrairie News.
  6. 1 2 "Deloitte's 2015 Technology Fast 500" (PDF). Deloitte.com. Deloitte & Touche LLP.
  7. ↑ 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).
  8. ↑ "Workiva product first to make Inline XBRL filing with SEC". Business Record. July 6, 2016. Retrieved October 30, 2016.
  9. ↑ 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.
  10. 1 2 Konrad, Alex (October 13, 2016). "These Are The Top-Rated Public Cloud Companies To Work For According To Glassdoor". Forbes.com. Forbes.
  11. ↑ "Fortune 100 Best Companies to Work For". Great Place to Work. September 14, 2016. Retrieved 29 October 2016. At Workiva Inc., 96 percent of employees say their workplace is great
  12. ↑ "Fortune Top 10 Best Large Workplaces in Technology". Great Place to Work. September 14, 2016.
  13. ↑ "Fortune 100 Best Places to Work". Great Place to Work. September 2015. Best Workplaces for Camaraderie 2015 (ranked 6)
  14. ↑ "Workiva makes debut on New York Stock Exchange". Business Record. Retrieved 2 November 2016.
  15. ↑ Santana, M (October 2, 2014). "Workiva opens new Ames campus". desmoinesregister.com. Des Moines Register.
  16. ↑ "Leading Cloud-Based Provider Evolves Brand in Response to Strong Demand for Collaborative Business Reporting Solutions". SECProPost. July 1, 2014.
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