Workiva Inc. (WK): History, Ownership, Mission, How It Works & Makes Money

Ever wondered how companies manage the complexities of financial reporting and compliance? Workiva Inc. (WK), a leading cloud-native platform, is transforming how businesses handle enterprise reporting. With a market capitalization of $3.73 billion and a 17% revenue increase to $739 million in 2024, how did Workiva become a critical tool for organizations worldwide, including a significant portion of the Fortune 500? Keep reading to explore the history, ownership, mission, operational mechanics, and revenue streams that define Workiva's success.

Workiva Inc. (WK) History

Workiva Inc.'s Founding Timeline

Year established

The company was established in 2008.

Original location

The company's original location was in Ames, Iowa.

Founding team members

The founding team members included Marty Vanderploeg, John Baron, Andrew Schultz, and Peter Wills.

Initial capital/funding

The initial funding came from a group of angel investors, including some of the founders themselves. Specific details on the exact amount of initial capital are not publicly available, but it was sufficient to begin developing the company's initial product offering.

Workiva Inc.'s Evolution Milestones

Workiva Inc.'s Transformative Moments

• Focus on Cloud-Based Solutions: The decision to build its platform on the cloud was transformative, allowing for scalability and accessibility that traditional on-premise solutions could not offer.

• Shift to a Subscription Model: Transitioning to a subscription-based revenue model provided predictable income and fostered long-term customer relationships.

• Emphasis on Data Integration: Prioritizing the integration of disparate data sources into a unified platform addressed a critical need for organizations struggling with data silos.

• Commitment to Innovation: Continuous investment in research and development has enabled the company to stay ahead of market trends and evolving customer needs.

To learn more about the company's guiding principles, check out Mission Statement, Vision, & Core Values of Workiva Inc. (WK).

Workiva Inc. (WK) Ownership Structure

Workiva Inc. operates with a mixed ownership structure, featuring a combination of institutional, public, and insider holdings that influence its governance and strategic direction.

Workiva's Current Status

Workiva Inc. is a publicly traded company, listed on the New York Stock Exchange (NYSE) under the ticker symbol WK. This status allows it to raise capital through the issuance of stock and makes it subject to regulatory oversight and reporting requirements.

Workiva's Ownership Breakdown

Here's a look at Workiva's ownership composition:

For detailed insights into Workiva's financial standing, check out: Breaking Down Workiva Inc. (WK) Financial Health: Key Insights for Investors

Workiva's Leadership

Workiva's direction is guided by a team of experienced leaders. Key figures as of April 2025 include:

• Martin Vanderploeg: Chief Executive Officer
• Jill Klindt: President and Chief Operating Officer
• Stuart Miller: Chief Financial Officer

These individuals, along with other members of the executive team and board of directors, are instrumental in setting the strategic course for Workiva and overseeing its operations.

Workiva Inc. (WK) Mission and Values

Workiva's mission is to transform the way people work by connecting data, teams, and processes in a unified, cloud-based platform, while its core values emphasize innovation, customer success, and integrity.

Workiva's Core Purpose

Official mission statement

Workiva's mission statement is: To power transparent reporting for a better world.

• Workiva aims to revolutionize how organizations manage and report their data.
• The company focuses on providing a unified platform that enhances transparency and accuracy in reporting processes.
• Workiva's mission reflects a commitment to creating a more reliable and trustworthy information ecosystem for businesses and stakeholders.

Vision statement

Workiva does not have a formal vision statement, but it strives to be the world’s leading cloud platform for transparent reporting, offering solutions that drive efficiency, accuracy, and confidence in financial and non-financial reporting.

• Workiva aims to be the leading cloud platform for transparent reporting.
• The company focuses on solutions that drive efficiency, accuracy, and confidence in financial and non-financial reporting.

Company slogan/tagline

Workiva's tagline is 'Powering Transparent Reporting for a Better World'.

• This tagline encapsulates Workiva's commitment to enhancing transparency and reliability in reporting processes.
• It underscores the company's broader goal of contributing to a more trustworthy and accountable business environment.

More information can be found here: Mission Statement, Vision, & Core Values of Workiva Inc. (WK).

Workiva Inc. (WK) How It Works

Workiva Inc. operates by providing a cloud-based platform that integrates data and streamlines processes for reporting and compliance, helping organizations improve efficiency and transparency.

Workiva's Product/Service Portfolio

Workiva's Operational Framework

Workiva's operational framework revolves around its cloud-based platform that facilitates connected reporting and compliance. Key aspects include:

• Data Integration: Connecting disparate data sources into a centralized platform.
• Workflow Automation: Automating repetitive tasks in reporting and compliance processes.
• Collaboration: Enabling real-time collaboration among teams and stakeholders.
• Security and Compliance: Ensuring data security and adherence to regulatory requirements.

The company's platform supports various reporting standards, including SEC filings, ESG reporting, and internal audit processes. By streamlining these processes, Workiva helps organizations improve accuracy, reduce risk, and gain insights from their data. To gain more in-depth information about Workiva's core values, read this: Mission Statement, Vision, & Core Values of Workiva Inc. (WK).

Workiva's Strategic Advantages

Workiva's strategic advantages stem from its integrated platform, deep domain expertise, and strong customer relationships. These advantages include:

• Integrated Platform: A unified platform that connects data, processes, and teams, eliminating data silos and improving efficiency.
• Scalability: The cloud-based architecture allows the platform to scale to meet the needs of organizations of all sizes.
• Strong Customer Relationships: Workiva has built long-term relationships with its customers, providing ongoing support and services to ensure their success.
• Focus on Innovation: Continuous investment in research and development to enhance the platform's capabilities and address emerging market needs.

These strategic advantages enable Workiva to maintain a competitive edge and deliver significant value to its customers.

Workiva Inc. (WK) How It Makes Money

Workiva primarily generates revenue by offering a cloud-based platform that integrates data and streamlines reporting processes for businesses.

Workiva's Revenue Breakdown

Workiva's revenue is segmented into subscription and professional services. The subscription revenue constitutes the lion's share, driven by recurring fees from its cloud platform. Professional services provide additional revenue through implementation, training, and consulting.

Workiva's Business Economics

Workiva's business model is characterized by:

• Recurring Revenue: A significant portion of revenue comes from subscriptions, providing a stable and predictable income stream.
• Scalability: The cloud-based platform allows Workiva to efficiently serve a growing customer base without proportional increases in infrastructure costs.
• Customer Retention: High switching costs and the mission-critical nature of the platform contribute to strong customer retention rates.
• Pricing Model: Workiva employs a subscription-based pricing model, typically tiered based on the number of users, modules selected, and the volume of data processed. This model allows for flexibility and caters to different customer needs.

Workiva's Financial Performance

Key aspects of Workiva's recent financial performance include:

• In the fiscal year 2024, Workiva's total revenue was $649.1 million, an increase of 17.3% year-over-year. Subscription revenue accounted for $544.3 million of the total revenue, representing an increase of 17.3% compared to the previous year. Professional services revenue totaled $104.8 million, also up by 17.1% year-over-year.
• Workiva's gross profit for 2024 was $483.8 million.
• As of 2024, Workiva reported a net loss of $76.1 million, which translates to a loss per share of $1.28.

To gain more insight into Workiva's investors and ownership structure, consider exploring this resource: Exploring Workiva Inc. (WK) Investor Profile: Who’s Buying and Why?

Workiva Inc. (WK) Market Position & Future Outlook

Workiva is strategically positioned to capitalize on the growing demand for cloud-based compliance and reporting solutions, offering a unified platform that streamlines complex processes for organizations worldwide. The company's future outlook appears positive, driven by continuous innovation and expansion into new markets, though it faces competition and evolving regulatory landscapes.

Competitive Landscape

Opportunities & Challenges

Industry Position

Workiva holds a strong position in the connected work management space, particularly known for its capabilities in financial reporting, regulatory compliance, and Environmental, Social, and Governance (ESG) reporting. The company distinguishes itself through its cloud-based platform that connects data, processes, and people, enhancing transparency and control.

• Workiva is recognized as a leader in Gartner's Magic Quadrant for Financial Close and Consolidation Solutions.
• The company continues to invest in innovation, particularly in AI and automation, to further streamline complex workflows.
• Workiva's focus on ESG reporting positions it well to capture increasing market demand as sustainability becomes a core business imperative.

To delve deeper into Workiva's foundational principles, explore: Mission Statement, Vision, & Core Values of Workiva Inc. (WK).