Workiva has acquired OneCloud in a move to expand the functionality of its reporting compliance platform.
The acquisition comes two years ago after Workiva began working with OneCloud as an original equipment manufacturer (OEM) partner, gaining access to a pioneering integration platform as a service (iPaaS) technology that enterprises use to integrate and unify data from thousands of applications across on-premises or cloud infrastructure.
Workiva said the deal would solidify and accelerate its position as “a leading cloud platform for financial, regulatory and operational reporting.” Terms of the transaction were not disclosed.
“Digital transformations continue to accelerate at a rapid pace. Teams across the enterprise must quickly harmonize, simplify and control data, both financial and non-financial, from disparate source systems,” Workiva CEO Marty Vanderploeg said in a news release.
“The acquisition of OneCloud enables just that and positions Workiva to push the boundaries of innovation for our platform and solutions,” he added.
As VentureBeat reports, Workiva, which was founded in 2008, allows companies such as Google, Slack, and Delta Air Lines “to connect disparate data from across their documents, spreadsheets, and presentations to serve automated and contextual reports to managers, shareholders, regulators, or anyone else concerned with a company’s compliance and governance.”
“As with just about every cloud-focused business, Workiva has benefited from pandemic-driven digital transformation, with its valuation roughly quadrupling over the past 18 months,” VentureBeat noted.
The company said OneCloud’s technology would expand its platform, providing customers with “the capability to connect data from sources such as ERP, GRC, HCM and CRM systems, as well as other third-party cloud and on-premise applications.”
New York-based OneCloud was founded in 2017. It had not received further funding since the $1 million that Workiva invested in July 2019.
“We’ve been impressed with how Workiva utilized our technology to complement their innovative cloud,” CEO Quin Eddy said. “Our team has been proud to be a part of Workiva’s growth story and we look forward to working together as an integrated team to connect enterprises across the globe.”