PeopleSoft founder seeks windfall in Workday IPO
The billionaire who founded business software maker PeopleSoft is looking to strike it rich again by taking his latest startup public.
The startup, called Workday, is looking to raise $400 million in its initial public offering of stock. The figure listed in papers filed Thursday could change as Workday's bankers gauge the demand for its shares. It usually takes three to four months for companies to complete their IPOs.
PeopleSoft founder David Duffield started Workday Inc. in 2005, shortly after PeopleSoft was sold to rival Oracle Corp. for $11.1 billion. Duffield tried to fend off Oracle's takeover attempt before finally relenting.
The 71-year-old Duffield is Workday's largest shareholder and co-CEO.
Like PeopleSoft, Workday specializes in software that helps companies manage their personnel departments.
Workday is based in Pleasanton, Calif.