Workiva acquires OneCloud to expand data integrations for business reporting
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Cloud-based enterprise reporting platform Workiva has acquired Integration Platform as a Service (iPaaS) provider OneCloud. Terms of the contract are not disclosed.
Founded in 2008, companies like Google, Slack, and Delta Air Lines use Workiva to connect their disparate data from their documents, spreadsheets, and presentations to deliver automated, contextual reports to managers, shareholders, regulators, or anyone else. person affected by compliance and governance. In addition, the data always stays connected, so that if the data is changed at the source, it is also changed at the destination.
The publicly traded company had performed fairly modestly since its IPO in 2014, but like just about every cloud-centric company, Workiva has benefited from the digital transformation brought on by the pandemic as its valuation has nearly quadrupled. in the past 18 months.
OneCloud is a four-year enterprise that businesses use to integrate and unify data from thousands of applications across on-premises or cloud infrastructure, enabling businesses to generate insights by aggregating and exchanging data from different applications.
OneCloud represents Workiva’s first-ever acquisition in 13 years of history, and the agreement extends Workiva’s platform deeper into the business with additional capabilities to connect systems data, including resource planning. ‘enterprise (ERP); governance, risks and compliance (GRC); human capital management (GCH); and customer relationship management (CRM).
Workiva and OneCloud have actually worked closely together since 2019, when Workiva announced that it would not only leverage OneCloud technology as part of its own cloud platform, but also make a direct financial investment (undisclosed). in the startup.
Given the complementary nature of their respective platforms and Workiva’s existing shareholder status, therefore, a direct acquisition makes a lot of sense, especially at a time when digital transformation permeates just about every industry.
“Digital transformations continue to accelerate at a rapid pace,” Workiva CEO Marty Vanderploeg said in a press release. “Business teams need to quickly harmonize, simplify and control data, financial and non-financial, from disparate source systems. The acquisition of OneCloud allows just that.
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