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Workday Files for IPO, Backed by NEA and T. Rowe Price

Workday, a Silicon Valley-based portfolio company of both Chevy Chase-based New Enterprise Associates and Baltimore-based T. Rowe Price, has filed with the Securities and Exchange Commission (SEC) for its initial public offering (IPO), Reuters reported. The company, which develops web-based tools for human resources, payroll and financial management, reportedly filed a week ago, but so far has been able to shield details of the IPO through the newly enacted JOBS Act. Citing unnamed sources, Reuters said the company plans to price this fall in what could be the largest IPO since Facebook. Workday has raised $250 million in funding since its founding in 2004 by former PeopleSoft executives Dave Duffield and Aneel Bhusr. Other top backers include Greylock Partners, Morgan Stanley Investment Management, Janus Capital Group and Bezos Expeditions.

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