PALO ALTO — Workday Inc., the Pleasanton-based provider of enterprise cloud applications for human resources and finance, tapped Fenwick & West for its $614 million follow-on offering. Gunderson Dettmer Stough Villeneuve Franklin & Hachigian counseled the underwriters.
The company, which was founded in 2005 by the former chief of PeopleSoft, announced the pricing of 6 million Class A shares Tuesday at $89 apiece. Underwriters sweetened the deal Wednesday, notifying the company that they planned to exercise their full over-allotment option to purchase another 900,000 shares. Workday estimates net proceeds of about $592 million, which it plans to use for working capital and other general corporate purposes. It added that some of the proceeds may be used to acquire businesses or technologies, though it has no specific plans at this time. The follow-on deal is expected to close Jan. 21.
Fenwick has enjoyed an abiding relationship with Workday, which also turned to the firm for its $733 million initial public offering in October 2012 and its offering of $600 million in convertible senior notes in June 2013.
The Fenwick team on the follow-on included corporate partners Gordon Davidson and Jeffrey Vetter, as well as associates Jane Shen, Niki Fang, Julia Forbess and Elena Coleman.
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