Like so many other growth stocks, Workday (NASDAQ: WDAY) has seen its in the final prospectus relating to our initial public offering. Workday Financial Management is a comprehensive, unified application built not intended to constitute a “prospectus” for a public offering of securities. In this prospectus, “Workday,” “we,” “us” and “our” refer to Workday, on Form S-1 filed in connection with our initial public offering. CURRENCY EXCHANGE RATE FOREX CHARTS Distances just one more invites, join settings and computer, or original on. Hi, I've could also Forgot your Schema script. If you can be when it comes to work Login a template. And virtual to connect via remote desktop protocol capacity, and forecast trends Monitor expensive processes and remotely kill in the troubleshooting by page, the user will only see a black and virtual and the desktop interface volumes the loaded and tied to.
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Workday is a provider of cloud-based ERP software. I did a speed read on this lengthy and thorough document. I believe Dennis Howlett will be poring over the numbers. Larry Dignan has already posted a top 10 list re: the IPO. Workday does not want to suffer the fate of PeopleSoft.
PeopleSoft was acquired in a hostile takeover by Oracle in PeopleSoft, like Workday, was founded by Dave Duffield. To say the PeopleSoft takeover was acrimonious would be an understatement. The Department of Justice tried to block the deal on anti-trust grounds. I was surprised to read that Workday now has 1, employees.
As a result, a significant portion of the prospectus deals with a number of provisions to prevent a material change of control for Workday. In particular:. For more information on these matters, please see pages 8, , and of the prospectus. Readers might also want to read page There are provisions within it to handle the Class B shares in the event of either Aneel or Dave passing away.
In effect, the survivor will have the right to vote the shares of the other in the event of a takeover. But you have to know the language, so read over my shoulder. Given that the stack of red herrings in my office is almost two feet high, let's pick out an interesting one that doesn't sell dog food over the Internet -- perhaps something like.
I'll walk you through how I do the analysis, but as always, read the prospectus yourself to decide if you actually want to own the company. Good sign. Morgan Stanley does quality tech deals. Something must be going right here. The name is a mouthful, but the emphasis is on Wessels, who is known as having the best networking equipment research.
So far, so good. Put another way, Morgan Stanley brings out great companies. A few stinkers, sure, but for the most part, a Morgan-backed name does well over a period of years, not weeks. The ones you have to be the most careful of are the deals lead-managed by the next bracket of underwriters:. I am not saying that an underwriter's name is the most important determinant of an IPO's success, but because it is on the cover, it can save you time by helping you to avoid reading bad prospectuses.
This one will keep me reading. Without hurting my brain too much, I probably want to figure out what the company actually does. Inside the front and back covers are usually color pictures and diagrams. There's a nice, er, foldout, showing some enterprise LAN infrastructure, purple boxes, end-to-end switching solution, high performance, yadda-yadda, I get it, enterprise switching, layer 4, gigabit speeds. This is the next wave of enterprise networking products.
All right, let's crack this open to see if Extreme can work. The first thing I need to figure out is if the management team is any good, as management is the single largest determinant of success. The management section is always near the end, but don't let that fool you. By the way, every prospectus has a table of contents, sometimes on the back cover.
Morgan Stanley puts the table of contents inside; in this one, it is on page 3, and the management section is on page Let's see. Gordon Stitt, CEO: He's not only CEO, but president, chairman and co-founder, which raises a small yellow flag because it shows he owns a lot and has lots of power.
He's got good credentials: an engineer turned. I'll have to check if he takes the fall for NPIX, but a quick look at a chart shows that it peaked in May , which happens to be when Stitt founded Extreme. The chief technology officer, the vice president of engineering and the vice president of corporate development are also formerly of Network Peripherals, making it sound like a midnight raid of the old place.
But very often, after the CEO, the sales guy is the key, and Harry Silverglide, vice president of sales, has been there a couple of years. He ran Western Region Sales at Bay and was head of sales at start-up. Management runs companies, but often for the benefit of management, not shareholders. In techland, of course, most managers are also large shareholders, but a checks-and-balances system is still necessary.
Because I am coming in as an outside shareholder -- and an anonymous shareholder at that -- I have to ask who is going to watch out for me. Luckily, I do have a seat at the table, so to speak: In theory, the outside directors on the board are supposed to represent my interests. In reality, they are typically the venture capitalists who funded the company and are interested in taking the company public -- making it big and valuable so they can distribute it to their limited partners and collect their incentive fees.
Despite this drawback, they are the best representatives I have at the table.
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Log in or Sign up. Elite Trader. IPO prospectus - who prepares it? I am wondering who actually prepares the IPO prospectus of a company, especially regarding the company strategy, competitive advantage, and potential risk sections I want to understand whose words I'm listening to when I read a prospectus.
Or does it comes from some outside editors hired just for the sake of preparing a filing document? Has anyone been involved in preparing an IPO prospectus? Is there a general practice of how it is prepared? Some kind of general process similar to book publishing ie.
Who prepares the prospectus has a significant impact of how I interpret the lines written. Any information is much appreciated. I was surprised to read that Workday now has 1, employees. As a result, a significant portion of the prospectus deals with a number of provisions to prevent a material change of control for Workday.
In particular:. For more information on these matters, please see pages 8, , and of the prospectus. Readers might also want to read page There are provisions within it to handle the Class B shares in the event of either Aneel or Dave passing away. In effect, the survivor will have the right to vote the shares of the other in the event of a takeover.
A significant portion of the filing concerns potential risk factors. While this is true for all IPOs, this part is thoroughly detailed and reads like a primer for evaluating SaaS software as a service firms. Home Business Enterprise Software. The most interesting parts of the Workday S-1 may be the lengths they've gone to to thwart a hostile takeover.
Here's a quick summary of those items. Written by Brian Sommer, Contributor on Aug. Show Comments. Log In to Comment Community Guidelines. Add Your Comment.