Workday Announces Intent to Acquire VNDLY
PLEASANTON, Calif., Nov. 18, 2021 (GLOBE NEWSWIRE) -- Workday, Inc. (NASDAQ:WDAY), a leader in enterprise cloud applications for finance and human resources, has entered into a definitive agreement to acquire VNDLY, an industry leader in cloud-based external workforce and vendor management technology. With VNDLY, Workday will provide organizations with a unified workforce optimization solution that will help organizations manage all types of workers—salaried, hourly, contingent, and outsourced—and support a holistic talent strategy, including insight into costs, workforce planning needs, and compliance.
A Unified Solution to Support Evolving Workforce Dynamics
To keep pace in this changing world of work, organizations must embrace a more holistic workforce management strategy that values the full workforce. With VNDLY—which already has a certified integration with Workday—combined with Workday Financial Management and Workday Human Capital Management (HCM), organizations will have a comprehensive view of all workers. Customers will be able to use Workday to manage the end-to-end process for permanent employees, while unifying the external workforce data from VNDLY, so they can better plan, execute, and analyze their total workforce. This will include the ability to:
As part of the agreement, Workday will continue to partner with and invest in VNDLY’s expansive managed services provider network to deliver critical service capabilities to customers. In addition, VNDLY will continue to support and integrate with third party HR, finance, IT, and legal systems.
Comments on the News
“We’ve seen the value of true cloud-based technologies in helping organizations adapt and evolve to a more complex workforce composition,” said Shashank Saxena, co-founder and CEO, VNDLY. “By joining Workday, we’ll be able to expand the value we bring to customers, helping provide greater visibility, collaboration, and oversight to workforce needs and opportunities.”
Details Regarding Proposed Acquisition of VNDLY
Orrick is serving as legal advisor to Workday and Taft is serving as legal advisor to VNDLY and its shareholders. BofA Securities is serving as financial advisor to Workday.
© 2021 Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.
This press release contains forward-looking statements related to Workday, VNDLY, and the acquisition of VNDLY by Workday. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Forward looking statements in this communication include, among other things, statements about the potential benefits and effects of the proposed transaction; Workday’s plans, objectives, expectations, and intentions with respect to VNDLY’s business; and the anticipated timing of closing of the proposed transaction. Risks include, but are not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all; (ii) failure to achieve the expected benefits of the transaction; (iii) Workday’s ability to implement its plans, objectives, and other expectations with respect to VNDLY’s business and its ability to deliver a comprehensive workforce optimization solution; (iv) negative effects of the announcement or the consummation of the transaction on Workday’s business operations, operating results, or share price; (v) unanticipated expenses related to the acquisition; and (vi) other risks and factors described in our filings with the Securities and Exchange Commission (“SEC”), including our Form 10-Q for the fiscal quarter ended October 31, 2021, and our future reports that we may file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday’s discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.
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