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US group Workday shifts its IP to Dublin

Friday, February 07 12:37:43

Wall Street-listed US business software developer Workday has shifted a chunk of its intellectual property to Ireland in a move to cut its tax bill, according to reports in the US media.

Workday bought the Irish firm Cape Clear Software back in 2008, setting up a European HQ in Dublin.

The group has a current valuation of $15.6bn and is considered an up-and-coming rival to software giants SAP and Oracle.

US online publisher, Valuewalk.com, quoted Annrai O'Toole, the former chief of Cape Clear, now Workday's European chief technology officer, as saying that the company was investing heavily in Ireland and expanding the workforce here.

The Dublin office already has 150 staff, making it the company's biggest operation outside of California.

"We are doing some of the core development on the Workday products in Dublin. The company is growing and will keep growing," he said.

Workday is among the most high-profile examples of a new breed of enterprise software, based completely in the cloud.

The company is an on-demand (cloud-based) human capital management and financial management software vendor. It was founded by David Duffield, the founder and former CEO of the ERP giant PeopleSoft, and former PeopleSoft chief strategist Aneel Bhusri following Oracle's hostile takeover of PeopleSoft in 2005. It targets the customers of rivals Oracle or SAP by offering them "online services at a fraction of the cost of upgrading from their incumbent vendors". In October 2012, it launched a successful initial public offering that valued the company at that time at $9.5 billion.