Leading Strategic Sourcing and Supplier Engagement Platform to Operate as Scout RFP, a Workday Company
Combination to Help Transform Office of Procurement and Accelerate Workday’s Investment in the Spend Management Market
PLEASANTON, Calif., Dec. 09, 2019 (GLOBE NEWSWIRE) -- Workday, Inc. (NASDAQ:WDAY), a leader in enterprise cloud applications for finance and human resources, has completed its acquisition of Scout RFP, a leading cloud-based platform for strategic sourcing and supplier engagement. With Scout RFP now part of Workday, customers will be able to expand how they plan, execute, analyze, and extend in one system, with a modern source-to-pay solution that helps better optimize spend. The company will operate as Scout RFP, a Workday company.
Comments on the News
“With Scout RFP now part of Workday, we will equip procurement teams with a modern source-to-pay solution to help optimize spend with greater efficiency, engagement, and transparency,” said Aneel Bhusri, co-founder and CEO, Workday. “I’m thrilled to welcome this talented team to Workday. By bringing together our joint focus on employees, customers, and innovation, we will be able to set the new standard for spend management.”
“We founded Scout RFP with the idea to rethink strategic sourcing and help businesses create even more impact with their procurement processes. Five years later, we have nearly 300,000 global Scout RFP users and a growing team of innovators,” said Alex Yakubovich, CEO, Scout RFP. “As part of Workday, we’ll be able to pioneer simpler, smarter, and streamlined procurement solutions – at a greater scale – all while unifying our two great company cultures.”
“The office of procurement is undergoing significant transformation, and the combination of Scout RFP and Workday will provide organizations with a robust source-to-pay solution to help support this transition,” said Mickey North Rizza, program vice president, Enterprise Applications & Digital Commerce, IDC. “As the back office navigates new complexities, it’s essential they have modern solutions that help enable them to better optimize spend and engage with key stakeholders in order to drive business growth and remain competitive.”
About Workday
Workday is a leading provider of enterprise cloud applications for finance and human resources. Founded in 2005, Workday delivers financial management, human capital management, planning, and analytics applications designed for the world’s largest companies, educational institutions, and government agencies. Organizations ranging from medium-sized businesses to Fortune 50 enterprises have selected Workday.
About Scout RFP
Scout RFP, a Workday company, is the sourcing and supplier engagement platform trusted by procurement teams to streamline their processes, manage a unified pipeline of projects, and collaborate with stakeholders and suppliers to achieve greater business impact. More than 240 global brands trust Scout RFP’s automated sourcing and auction platform to deliver greater impact through seamless business engagement. Managing over $38.5 billion in project spend, Scout RFP’s powerful platform helps make enterprise commerce faster and more transparent, reduces risk, and drives profitability.
Forward-Looking Statements
This press release contains forward-looking statements related to Workday, Scout RFP, and the acquisition of Scout RFP by Workday (the “Transaction”) that are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Forward-looking statements in this communication include, among other things, statements about the potential benefits and effects of the Transaction, Workday’s plans, objectives, expectations and intentions, and the financial condition, results of operations and business of Workday. Risks include, but are not limited to: (i) risks related to our ability to successfully integrate Scout RFP’s operations or failure to achieve the expected benefits of the Transaction; (ii) Workday’s ability to implement its plans, objectives and other expectations with respect to Scout RFP’s business and its ability to accelerate its growth in the procurement software market; (iii) negative effects of the announcement or the consummation of the Transaction on Workday’s business operations, operating results or share price; (iv) significant transaction costs; (v) unknown liabilities; (vi) breaches in our security measures, unauthorized access to our customers’ data or disruptions in our data center operations; (vii) our ability to manage our growth effectively; (viii) competitive factors, including pricing pressures, industry consolidation, entry of new competitors and new applications, advancements in technology, and marketing initiatives by our competitors; (ix) the development of the market for enterprise cloud applications and services; (x) acceptance of our applications and services by customers, including any underlying technology such as machine learning, artificial intelligence, and blockchain; (xi) adverse changes in general economic or market conditions; (xii) the regulatory, economic, and political risks associated with our domestic and international operations; (xiii) the regulatory risks related to new and evolving technologies such as machine learning, artificial intelligence, and blockchain; (xiv) delays or reductions in information technology spending; (xv) changes in sales, which may not be immediately reflected in our results due to our subscription model; and (xvi) additional risks included in our filings with the Securities and Exchange Commission (“SEC”), including our Form 10-Q for the fiscal quarter ended October 31, 2019 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.
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