(Reuters) – Activist investor Elliott Management said on Tuesday it has built a stake of more than $2 billion in human resources software provider Workday, while voicing support for the company’s leadership. Elliott praised Workday’s chief executive officer and chief financial officer, citing strong progress in recent years and describing its management team as proven […]
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Elliott takes more than $2 billion stake in Workday, backs leadership
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(Reuters) – Activist investor Elliott Management said on Tuesday it has built a stake of more than $2 billion in human resources software provider Workday, while voicing support for the company’s leadership.
Elliott praised Workday’s chief executive officer and chief financial officer, citing strong progress in recent years and describing its management team as proven and effective.
The investor added it was pleased with its dialogue with the company and expressed confidence that the multi-year plan outlined at Workday’s Financial Analyst Day would drive significant long-term value for shareholders.
In a separate statement, California-based Workday welcomed Elliott’s support, but did not elaborate on any specific initiatives.
Meanwhile on Tuesday, Workday announced a $1.1 billion deal to buy artificial intelligence (AI) firm Sana – its third AI-related deal in less than two months, following the acquisition of Paradox and Flowise in August.
The company is navigating intensifying competition in the crowded HR software sector, as rivals ramp up acquisitions to secure market share and embed the booming AI tech into their offerings in meet evolving customer demands.
(Reporting by Harshita Meenaktshi, Shivani Tanna and Gursimran Kaur in Bengaluru; Editing by Sumana Nandy)