Workiva Inc. (NYSE: WK) today hosted its annual Analyst & Investor Day in which company management showcased its momentum-building growth strategy, continued relevance and opportunities in capturing global markets, and commitment to relentless platform and product innovation. The company also announced an enhanced senior leadership team whose deep SaaS experience will collectively set the strong pace for scaling Workiva to $1 billion in annual revenue and beyond.
“Workiva is incredibly relevant in a global market that continues to gain momentum. We have a $25 billion TAM which is large and relatively untapped. We have been clear that our next growth target is $1 billion in revenue and we are focused on driving productivity and performance to reach that objective,” said CEO Julie Iskow. “We believe we have the right platform, the right strategy, and the right team to reach that objective and beyond. The opportunity and our technology is such that Workiva is becoming the leading technology platform for transparency, regulatory reporting, and disclosure. We shine where data consistency, integrity, and accuracy are critical and narrative is required.”
Workiva Platform Well-Positioned to Capture Growing Opportunity
Workiva’s cloud technology solves issues that companies must address: lowering risk, increasing transparency, and making reporting easier, more efficient, and more streamlined. The platform also supports requirements that the data be audit-ready and investor grade.
Workiva is the only unified platform in the industry that brings together Financial Reporting; Environmental, Social, and Governance (ESG); and Governance, Risk, and Compliance (GRC) in one secure, controlled, audit-ready environment. This is Assured Integrated Reporting.
The company’s growth strategy centers around four key tenets: Fit-for-Purpose Solutions, Connected Platform, Global Excellence, and Partner Ecosystem. Since initial execution of its strategy in 2020, Workiva’s revenue has grown from $351.6 million in 2020 to $537.9 million in 2022, representing a 24% compound annual growth rate.
Iskow added, “Workiva is powering transparency and impacting business outcomes. We help companies work smarter, faster, and respond to stakeholder scrutiny with confidence. What we solve for is mandatory, not optional. Companies need to comply with increasing regulations and accuracy in reporting. As the regulatory environment continues to grow in both scope and complexity, so too does the need for transparency and disclosure of both financial and non-financial - or ESG data. It’s who we are and we do it better than anyone else.”
Transformative Innovations that Create Value for Customers
With a relentless focus on enhancing openness and extensibility, Workiva is revolutionizing how businesses tackle reporting, disclosure, and digital transformation. At the heart of Workiva's product strategy lies the goal of empowering customers with various options and critical information. By leveraging the Workiva platform's functionalities, businesses can elevate their reporting efforts to unprecedented heights.
“Innovation is in our DNA," said David Haila, Chief Technology Officer. "From day one, we've been driven to identify opportunities and challenges for our customers and then create solutions that transform their ability to succeed in this dynamic world of regulation and reporting. Through comprehensive customer engagement, forward-thinking platform envisioning, and rapid delivery of new capabilities, Workiva remains at the forefront of the ever-changing marketplace, providing a distinctive edge to our customers.”
Staying best-of-breed while evolving its solution portfolio makes innovation a standard operating procedure for the company. Three focused areas of product investment include:
- Generative AI: Customers can easily leverage Generative AI on the Workiva platform without moving their data or compromising data security. It combines Workiva’s differentiated technology, domain expertise, and data security capabilities. This transformative technology has the potential to revolutionize the market, boost productivity, and enable better data-driven decisions.
- Collaboration with Control: Innovative design capabilities recently added to serve ESEF and ESG customers are being extended to the company’s SEC customers. Instead of simply writing paragraphs that freely flow and compromise the design aesthetic, designed reporting explicitly places every line of text, every image, and every chart to preserve accuracy and visual fidelity in EDGAR. This innovative approach can’t be easily replicated and further distances Workiva from competitors.
- Unified Platform: A unified platform is critical to achieving Assured Integrated Reporting. Investments in the Workiva platform drive new capabilities across all of its best-of-breed solutions. The company’s R&D team starts with a shared layer of data across multiple solutions then designs experiences to deliver outsized benefits of having multiple reporting, sustainability, and assurance teams all in a single platform. Workiva will continue to invest in areas where it sees its greatest growth opportunities - such as its GRC and ESG solution groups.
Organizational Changes to Deliver Results at Scale
Workiva has enhanced its leadership team with experienced executives who have proven track records of delivering results at scale, including Kim Huffman, Chief Information Officer; Junko Swain, Chief Accounting Officer; Nitin Bhat, Chief Product Officer; and Noam Bizman, SVP of North American Sales.
“We recently added an infusion of experienced executives to our senior leadership team to provide the depth and resources we need to scale our business and meet our growth objectives,” added Iskow. “They’ve all been at SaaS companies that have scaled beyond a billion. They also embody Workiva’s values and will add to our culture and existing leadership team. The entire executive leadership team is aligned and focused on executing our growth strategy.”
To Learn More
- Analyst & Investor Day Replay: An archived replay of the event will be available under the “Events & Presentations” section on the company's investor relations website shortly after the conclusion of the meeting.
- Workiva Amplify: Workiva's commitment to innovation and future-ready solutions is unparalleled. Join us in embracing the next generation of transformative technologies by registering to virtually participate in Workiva Amplify (Sept. 19-21, 2023).
About Workiva
Workiva Inc. (NYSE:WK, Financial) is on a mission to power transparent reporting for a better world. We build and deliver the world’s leading cloud platform for assured integrated reporting to meet stakeholder demands for action, transparency, and disclosure of financial and non-financial data. Workiva offers the only unified SaaS platform that brings customers’ financial reporting, Environmental, Social, and Governance (ESG), and Governance, Risk, and Compliance (GRC) together in a controlled, secure, audit-ready platform. Our platform simplifies the most complex reporting and disclosure challenges by streamlining processes, connecting data and teams, and ensuring consistency. Learn more at workiva.com.
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