Your Tech Story

Cloud based software

workiva

Workiva, A SaaS Company Providing Transparent Reporting.

Leave a Comment / Story, Tech Story / By

Workiva is amongst the best cloud platform for open and transparent reporting. This managed, secure, audit-ready cloud platform houses the company’s fit-for-purpose technological solutions, which streamline operations, connect teams and data, and maintain consistency.

About the Company

Workiva is a global SaaS company headquartered in Iowa, USA. It offers a cloud-based platform for linked and compliant reporting that enables the usage of data integration and automates reporting for finance, auditing, risk, and compliance. Workiva offers the top cloud platform in the world for reporting on regulations, finances, and environmental, social, and governance (ESG) issues. For some of the most difficult reporting and disclosure problems, Workiva offers SaaS solutions to more than 4,300 companies. The company’s networked cloud platform is used by people all over the world to ease their most complicated reporting difficulties by enabling interaction and greater connection to existing work streams. In 2022, the company found its name on Fortune’s 100 Best Companies to Work For for four consecutive years.

Workiva
Image Source: workiva.com

History

In 2008, Workiva was established in California by six businessmen as WebFilings LLC. In 2014, the firm’s name was changed to Workiva LLC and later transformed into a Delaware LLC. In 2014, the corporation went public through an IPO on the NYSE. In 2020, Workiva debuted W for ESEF. It is a way to assist European businesses in meeting the reporting standards set forth by the European Securities and Markets Authority (ESMA). The technology enables businesses to create reports, tag data, and put together the whole ESEF submission package. IN 2021, the company joined the Global Compact CFO Taskforce of the UN, making it the first SaaS company to do so. Later in 2021, Workiva acquired OneCloud and made its first acquisition. Workiva also acquired a global provider of audit information and services AuditNet.

Products

Wdesk, a cloud-based workplace SaaS platform that enables businesses to gather, organize, report, and understand vital business information in real time, is the main product of Workiva. Companies can manage and submit compliance and financial records to regulatory agencies using Wdesk. The Wdesk platform combines data from various content formats, such as spreadsheets, presentation documents, emails, and other unstructured information, into a single cloud-based report. Wdata, a product of Workiva, enables users to link sizable information datasets to the Workiva framework. Its goal was to make Wdesk more functional. Wdata links information from cloud apps, third-party on-premise systems, governance, risk, and compliance platforms, as well as other sources. Wdata’s platform was enhanced by Workiva in 2019 to incorporate upgrades, approval workflows, connections for finance and accounting, risk and control integrations, and better-controlled access features. Additionally, the company connected its platforms with financial closing software maker BlackLine. Later Workiva partnered with financial close management software provider FloQast. The two provide compliance and reporting solutions for both public and private businesses, as well as for use both before and after an IPO issue.

Founder – Jeffrey Trom

Workiva was founded by Jeffrey Trom. He is the company’s VP and CTO. Jeff was a co-founder of Engineering Animation International(EAI) before joining in 2008. He spent ten years overseeing software architecture, development, and deployment as the company’s CTO.

CEO – Marty Vanderploeg

Marty Vanderploeg, the CEO of Workiva, was a co-founder of EAI and served as its CTO and executive VP until UGS Corp. bought the company in 2000. His expertise in growing software businesses from start-ups to both private and public international corporations spans more than 30 years Marty is renowned for his expertise in the technology field, including his work as a technology businessman and the development of computer-aided design tools used in forensic and medical applications.

Linx S.A.

Linx S.A. – A 35-years old Brazilian software company recently merged with StoneCo.

Leave a Comment / Story, Tech Story / By

Established in 1985, Linx S.A. is a Brazilian company that was recently merged with StoneCo over a transaction worth $1.1 billion. It is a publicly-traded company and the largest software house in Latin America in the retail management sector. The company retains approximately 40% of the retail management software in its home country. In the early 2000s, the company was consecutively featured in the Valor 1000 annual report as one of the biggest Brazilian companies. It has also made plenty of acquisitions both before and after the merger with StoneCo.

About Linx S.A.

Nércio Fernandes is a Brazilian entrepreneur who has founded Linx S.A. in 1985. Linx S.A. has established itself in the management software industry and it offers cloud-based solutions that are easy to use and affordable. It has a SaaS business model that it offers to retailers in Latin America. Like every other software company, Linx also witnessed high growth in revenue during the pandemic as only the subscription revenue accounted for R$866.6 million. Linx S.A. has also received many awards for its rapid growth and technology. In 2009, Linx became the fifth-largest company in the country in terms of sales. In 2017, the company was acknowledged by BR Week for Best Software Provider of Receipt Emission.

Linx S.A.
Image source: miro.medium.com

History

When the company was founded by Nércio Fernandes and his other partners, it was named Microserv Comércio & Consultoria Ltda. Nércio Fernandes wanted to invest in the microcomputing field and so he established this company even though he was from a civil engineering background. Initially, the company started serving small businesses in the regions of Brás and Bom Retiro in São Paulo. A few years later, Microserv created software for fashion retail management and it was called MicroMalhas. In 1990, the company’s name was changed to Linx followed by Linx ERP. During this time, the flagship product of the company focussed on several industries ‘ retail management.

In 2000, the company opened a new unit, Linx Logistica for internal logistics. The company eventually opened other divisions of Linx as the business expanded and the structure evolved. Some of the other divisions are Linx Sistemas and Linx Telecom. These segments focused on telecommunication and connectivity for retail. Linx thought a holding company will be necessary to unify the business units and hence LMI S.A. emerged in 2004 and was later renamed Linx S.A. As Linx S.A. was expanding, it moved its main office in 2011 to a commercial building in São Paulo. It also landed an investment from an American private equity firm, General Atlantic.

Merger and Acquisition

Linx acquired Quadrant Informatica Ltda in 2008. The deal was closed for R$39.9 million. In the next year, it acquired Formata Data Business for R$41.1 million followed by Intercommerce Retail Software for R$13.6 million. In 2010, Linx acquired two new companies, namely, CNP Engenharia de Sistemas S.A. and Dia System Informática Ltda for R$16 miilion and R$13.8 respectively. It also acquired Custom Business Solutions Ltda, Spress Informatica, and Microvix Software in 2011. In 2012, Linx S.A. made a deal with itix Consultoria em Tecnologia da Informação Ltda. for the transfer of its technology. The size of acquisitions got bigger as in 2014, Linx acquired a series of companies and the total transaction amount exceeded R$100 million. In 2020, Linx celebrated its 35th anniversary and acquired PinPag, Neemo, Humanas, and a few other companies.

Nércio Fernandes – Founder of Linx S.A.

Nércio Fernandes started his studies in civil engineering. But, his greater interest in the computer field led to entrepreneurship. At the age of 22, he decided to drop out of college and start his venture. His first company was Linx S.A. after which he founded a few other companies. These companies include Okean Yachts, TAQE, and Predicta. Currently, he is a Board Member of all these companies including Linx S.A.

Verkada

Hans Robertson, got the idea of Verkada when fifty iPads were stolen from his company.

Leave a Comment / Story, Tech Story / By

Verkada offers cloud-based consumer security solutions for businesses and organizations. Filip Kaliszan, James Ren, and Benjamin Bercovitz are the three Stanford graduates who co-founded Verkada along with Hans Robertson. Hans has co-founded another company before Verkada and served as the COO of the same. Currently, Filip Kaliszan is the CEO of the company and Hans Robertson is the Executive Chairman. Verkada was founded only five years ago and within a small time, it has become the talk of the physical security industry.

About Verkada Inc

Verkada is a physical security company that builds cameras, access control systems, environmental sensors, and alarms. The company builds cloud-based software platforms to access high-end hardware security products and make buildings safer. Verkada’s headquarters are based in San Mateo, California, and have customers across the globe. Their customers increased by nineteen folds between 2017 and 2018.

It has also received many awards and recognitions including Top Startups (LinkedIn), AI 50 Most Promising AI Firms (Forbes 2020), Enterprise Tech 30, etc. In January 2021, the company also became one of the 100 Best Places to Work in the Bay Area 2021 (Built-in). Last year the company crossed the $1 billion mark valuation after its Series C funding round.

Founding Idea

As it is said that every great idea emerges problem the problem, the story of Verkada is also somewhat similar. Before Verkada was founded, Hans was busy with his company Meraki (now Cisco Meraki). One day he found that fifty iPads were stolen from his company and that the video cameras in the security system were also not working for months. He realized the need for high-end security cameras in the market integrated with cloud-based software. So, Hans along with the other three co-founders decided to build a company to solve this problem. The goal was to keep data secure yet at the same time use AI to train the cameras for taking clearer photos, especially during suspicious situations.

Verkada
Image source: prnewswire.com

Towards the Success

They started working on the product right away and launched beta testing in 2017 with two camera models. The company had to struggle very hard especially during the seed and Series A funding round because only a few could see the vision and potential behind the idea. Investors started showing interest in Verkada after it appeared in the Forbes 2019 list of Next Billion-Dollar Startups. It also became one of the top companies in the AI category (Forbes). After these two big features, the company successfully raised $40 million in Series B funding and the valuation of the company became $540 million.
In January 2020, the Series C funding round of Verkada took place (led by Felicis Ventures) in which it raised $80 million. The total funding received till Series C summed up to $139 million and the valuation of the company became $1.6 billion. Verkada became a billion-dollar company only after three years of launching its first product. Later in 2020 the company also launched its first access control device. The idea behind this new product is to integrate security cameras and lock in a single platform. During the COVID-19 pandemic, the company also decided to distribute free surveillance kits to important organizations (like healthcare and medical businesses).

Recent Events

In October 2020, news about the Verkada breach broke out in the news as the whole world witnessed the compromise of its security systems. A group of tech-savvy hackers infiltrated the camera systems of Verkada everywhere from hospitals to jails. This included 150,000 cameras in active surveillance. The hackers not only broke into the live surveillance feeds but also gained access to the archives of Verkada cameras. Later the hackers claimed that they founder Verkada’s super admin password publicly available on the internet.

Filip Kaliszan – CEO of Verkada Inc

Filip Kaliszan is a Standford graduate who completed both his bachelor’s and masters in computer science. He was also a computer science research assistant at the university for several months. In 2007, he founded CourseRank Inc which came under Chegg after three years. In 2010 Filip joined Chegg as the Director of Product Management and also worked at Guidebook Inc until co-founding Verkada.

LogMeIn

LogMeIn – World’s Largest SaaS Company Making Work-From-Home Easier for Companies.

Leave a Comment / Story, Tech Story / By

Today every company and firm has opted for the work from home scenario. And looking at the current circumstances, it may be a lasting trend for most of the companies. Though this is a new way of working, a company named LogMeIn has been the promoter of work-from-home even before the pandemic had hit the world. The company has been providing its remote work tools even before the Covid-19 pandemic. LogMeIn is an eighteen years old company providing software as a service and cloud-based remote-work tools for its clients worldwide. It offers its services to almost every size company, such as they can communicate and collaborate from anywhere to achieve their business goals, using any internet-connected devices.
LogMeIn deals in three major categories, i.e., Unified Communications & Collaboration services, Identity & Access Management services, and Customer engagement & support services.

About The Company

LogMeIn is a software company founded in 2003 in Budapest, Hungary. The company provides cloud-based software as a service (SaaS) remote work tools to its customers. The company headquarters is based in Boston, Massachusetts, and about 4000 people are working for the company globally. As of 2019, LogMeIn made revenues worth US$1.262 billion.
LogMeIn is a privately held company, and GoTo, LastPass, Rescue, Central are some of its popular products. The company promotes a remote-centric workplace through its variety of software, helping companies be more productive and enabling flexible hours.
GoToConnect, GoToMeeting, GoToRoom, GoToWebinar, GoToTraining, LogMeIn Central, LogMeIn Pro, GoToMyPC, and Grasshopper are some of the company’s most loved software helping its customers better connect and work remotely securely. Comcast, Dyson, Facebook, Johnson&Johnson, SalesForce and TheNorthFace are some of its major clients.

LogMeIn
image source: bizj.us

The Founding of LogMeIn

LogMeIn was founded as 3 am Labs in 2003 in Budapest. Later, in 2006, the name of the company was changed to LogMeIn. As soon as the company was founded, it started its growth through acquisitions. It first acquired Hamachi VPN product. In 2009 the company had its first IPO on NASDAQ. The company started to merge cloud computing with its products in 2011 and acquired Pachube. The merger resulted in the launch of IoT services under the brand name Xively.
In 2012, LogMeIn acquired Bold Software, and in 2014, it overtook the operations of Ionia Corp and Meldium. The company launched one of its revolutionary products, Rescue Lens, in 2015. The software provided video assistance to the customers on iOS and Android devices. The same year, LogMeIn also acquired the password management software LastPass for a sum of $110 Million. It also had a merger with Citrix that to acquire the rights of GoTo Family in 2016. In the following years, the company acquired names like Nanorep (2017) and Jive Communications (2018).
In August 2020, Francisco Partners and Elliott Management Corporation acquired LogMeIn. This also led to the delisting of the company from NASDAQ, and it became a private company.

The CEO At LogMeIn

William R (Bill) Wagner is the current CEO of LogMeIn. He has got a B.A. degree in History from Lafayette College, as well as an M.B.A. from The Wharton School of Business. In 1998, Wanger joined AT&T as the Marketing Director. He then started to work as the Chief Marketing Officer at Fiberlink Communications. In 2006 Wanger joined Vocus as the Chief Marketing Officer and later became the Chief Operating Officer of the same company. In April 2013, he became the President and Chief Operating Officer of LogMeIn and then was promoted to CEO in 2015. Wanger is also a member of the board of directors of companies like ChurnZero, Akamai Technologies, and BUILD Boston.

Kronos

Kronos – Transformation from rising as foremost publicly held software firm to the private firm as Ultimate Kronos Group

Leave a Comment / Founder, Story, Tech Story / By

Every industry whether it is manufacturing, healthcare, banking, entertainment, or any other demands skilled personnel. Why not so? To grow the business, it is necessary to have a capable workforce. Else, hiring unqualified people can cause a huge loss in terms of business and ultimately to the economy of the country. The solution to this problem is a better workforce and human capital management. Workforce Management helps to get the right workers in the right workplace at a right time. Thus, improvising the efficiency of the workforce as well, lower the cost of the unnecessary workforce. While in this modern world, the modern solution is needed to deal with this as Kronos does.

Kronos Incorporated headquartered in Lowell was known for providing cloud-based workforce management services. It has done excellent work in this field as well; it has developed several other innovative products. However, it has merged with Ultimate software in April 2020. Since then, it is known as Ultimate Kronos Group. At the time when it was an individual firm, Kronos employed 6000+ job seekers all across the world.

Backstory of Kronos

Best known as an American multinational company, it primarily offers cloud-based workforce management and human capital management. Kronos Incorporated was established in 1977. It was founded by Mark S. Ain, who was MIT and Simon Business School’s student. He served as a CEO for a long time, thereafter, his brother Aron Ain stepped up a CEO in 2005.

Just after two years of establishment, the firm has designed the world’s first-ever time clock using a microprocessor. Apart from that, it has created a Pc-based attendance product in 1985. As a matter of fact, Kronos set the record to earn profit and sustainable growth for long period, in spite of being publicly held firm in the history of the software industry. In 1992, it has offered a public listing on NASDAQ. 

Kronos Journey from being Public to Private firm

Started as a private firm, Kronos started public offering in 1992. Since then, it has operated as a public listed firm. However, in the middle of 2007, Kronos got investment from Hellman & Friedman, and JMI Equity. Thus, helped it to become a private firm. Again in 2014, GIC and Blackstone, well-known private equities also offered investment in the firm. From that time, it has started to generate over 1-billion-dollar annual revenue.

Apart from the public to private changes, Kronos also prefer to shift the headquarters to Cross Point Town in Massachusetts. The purpose behind the location change was to combine multiple offices under a single roof. Recently, the firm has merged with Ultimate Software causing the name change to Ultimate Kronos Group. Though the whole company will be directed by Aron Ain.

Product and services

The firm entered the market by manufacturing Time Clocks using a microprocessor. But presently, it is mostly focused on software development and offers related services. This software is design for the human workforce and capital management. Apart from that, it offers cloud applications in a similar field.  As well, Kronos offers other support services, consulting, and training to its clients.

Aron Ain- CEO

Kronos CEO
Image Source: thriveglobal.com

He is presently leading the Ultimate Kronos Group, born out of the merger of Ultimate software and Kronos. Apart from being a well-known software technology executive, Aron is a well-known American Author. In 2005, he became CEO at Kronos after his brother’s retirement. Since then, he guided the policies of the firm and explored the business all across continents. Throughout his career, he has been awarded many times. Aron was honored with the Ernst & Young Entrepreneur of the year award. Moreover, he was included in the list of Top 100 CEO in the U.S. in 2019 (Glassdoor).

Bottom Line

Under both Ain brothers’ policies, Kronos has used an acquisition strategy to explore the business. Acquisition of Principal Decision system international, Stromberg, SaaShr.com is some of the major acquisitions in the company’s history. As well, The Workforce Solution Software division of SimplexGrinnell, Optilink, empower software solution are few noticeable acquisitions made by Kronos.

Recently, the firm was the topic of discussion for its automated report-generating tool. It turned out useful to analyze attendance and work record of Covid-19 positive workers. Thus, it gets easy to detect potentially affected co-workers amid the pandemic.