Workiva Acquires iPaaS Technology Provider OneCloud to Accelerate Digital Transformation for the Enterprise
Workiva has acquired OneCloud, a leading iPaaS provider, to enhance its cloud platform capabilities for financial, regulatory, and operational reporting. This strategic move aims to streamline digital transformations for customers by enabling better data integration from various sources. Workiva and OneCloud have collaborated since 2019, solidifying their partnership. The acquisition was announced ahead of the company's Q2 2021 financial results call on August 3. The terms of the deal remain undisclosed, but it is expected to drive innovation and improve data management across enterprises.
- Acquisition of OneCloud enhances Workiva's platform capabilities.
- Increases customer ability to integrate data from multiple sources.
- Strengthens partnership, having collaborated since 2019.
- Expected to drive digital transformations for customer organizations.
- Integration challenges may arise from merging OneCloud's technology.
- Potential unknown liabilities associated with OneCloud's business.
- Unanticipated expenses could impact financial performance.
Workiva Inc. (NYSE:WK) today announced it has acquired next generation iPaaS provider OneCloud (www.onecloud.io). The acquisition solidifies and accelerates Workiva’s position as a leading cloud platform for financial, regulatory and operational reporting.
OneCloud is a pioneer in iPaaS technology that offers code-free and intuitive integration, automation and data preparation for a wide range of complex technologies. Together, the companies will accelerate customers’ digital transformations by enabling them to make smarter and faster decisions for better business outcomes.
Workiva has worked with OneCloud as an original equipment manufacturer (OEM) partner since July 2019. OneCloud’s technology expands the Workiva platform, providing customers the capability to connect data from sources such as ERP, GRC, HCM and CRM systems, as well as other third-party cloud and on-premise applications.
Workiva CEO Marty Vanderploeg commented, “Digital transformations continue to accelerate at a rapid pace. Teams across the enterprise must quickly harmonize, simplify and control data, both financial and non-financial, from disparate source systems. The acquisition of OneCloud enables just that and positions Workiva to push the boundaries of innovation for our platform and solutions.”
“OneCloud has enjoyed a strong partnership with Workiva since 2019. During that time, we’ve been impressed with how Workiva utilized our technology to complement their innovative cloud platform,” said OneCloud CEO Quin Eddy. “Our team has been proud to be a part of Workiva’s growth story and we look forward to working together as an integrated team to connect enterprises across the globe.”
“As a business partner to both Workiva and OneCloud, this acquisition offers us an opportunity to deliver tightly coupled solutions to our customers, providing even greater control and enhanced visibility while furthering digital transformation through the office of finance,” said Trintech CEO Teresa Mackintosh.
“The Workiva platform enables us to easily connect our data and processes from multiple sources and manage, analyze and report this data in a single place. These capabilities have improved visibility into our processes, reduced human errors and have been incredibly beneficial for our company as we have grown our global footprint,” said Solenis Vice President and Controller Jordan Brackett.
Terms of the agreement were not disclosed. Workiva will be discussing the acquisition along with its financial results for the second quarter of fiscal year 2021 on its previously scheduled financial results conference call and webcast at 5:00 p.m. ET on Aug. 3, 2021.
Additional Information
To visit the OneCloud landing page or request a demo: http://workiva.com/onecloud
Workiva will provide further information regarding its data leadership strategy and the integration of OneCloud’s technology into the Workiva platform during the 2021 Workiva Amplify conference in September. Register now for Workiva Amplify: workiva.com/amplify
Forward‑Looking Statements
This press release contains "forward-looking statements" about the expectations, beliefs, plans, intentions and strategies relating to Workiva’s acquisition of OneCloud. Such forward-looking statements include statements regarding future product capabilities and offerings and expected benefits to Workiva. Forward‑looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward‑looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward‑looking statements we make. We undertake no obligation, and do not intend, to update the forward‑looking statements. Factors that may cause actual results to differ materially from those in any forward‑looking statements include, without limitation: assimilating or integrating OneCloud’s technology into our platform; the inability to retain key employees of OneCloud after the transaction closes; unanticipated expenses related to OneCloud’s acquired technology; potential adverse tax consequences; disruption to our business and diversion of management attention and other resources; and potential unknown liabilities associated with OneCloud’s business. Further information on factors that could affect our financial and other results is included in the filings we make with the Securities and Exchange Commission from time to time.
About OneCloud
OneCloud is a modern iPaaS technology company that delivers precise data for the connected enterprise. It provides intuitive, comprehensive integration, data transformation, and automation for a wide range of business-critical applications that reside on-premises and in the cloud. OneCloud has the ability to integrate with thousands of applications with specific connectors that include pre-built intelligence.
About Workiva
Workiva Inc. (NYSE: WK) simplifies complex work for thousands of organizations worldwide. Customers trust Workiva’s open, intelligent and intuitive platform to connect data, documents and teams. The results: improved efficiency, greater transparency and less risk. Learn more at workiva.com.
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