Workiva Bundle
Who owns Workiva today?
Workiva, founded in 2008 as WebFilings and public since its December 2014 IPO, shifted from founder-led control to a widely held institutional base. The company now offers a cloud platform for connected reporting across financial, ESG, and risk domains.
Institutional investors and public shareholders dominate the cap table, while insiders and founders retain influence through direct holdings and board seats; revenue topped an annualized run-rate above $700,000,000 in 2024–2025. See Workiva Porter's Five Forces Analysis for strategic context.
Who Founded Workiva?
Founders and Early Ownership of Workiva centered on a tight, founder-led team formed in 2008 when Matthew M. Rizai, Martin J. Vanderploeg, Daniel J. Murray, and Joseph P. Howell spun out from Engineering Animation Inc.; equity stayed concentrated among them and close insiders during the seed stage, with limited outside VC participation.
Founding team roles
Rizai led strategy and served as early Chairman/CEO; Vanderploeg drove product and later became CEO then Executive Chairman.
Technical leadership
Murray and Howell supplied engineering, operations and accounting/reporting domain expertise from prior EAI experience.
Seed-stage ownership
Precise early equity splits were not publicly disclosed; ownership was concentrated among founders and former EAI colleagues rather than broad VC syndicates.
Capital efficiency
Early operations emphasized capital-efficient product development for regulated reporting markets, supporting tight insider control.
Governance norms
Governance reflected typical Delaware C‑corp founder protections: concentrated decision rights, founder vesting and transfer restrictions.
Transition to public markets
Founder transitions and professionalization occurred later and were structured as the company prepared for IPO and broader shareholder base.
Early founder-centric ownership set the stage for later public ownership dynamics; see Mission, Vision & Core Values of Workiva for context on cultural evolution.
Key facts for investors
The following items clarify early ownership dynamics and relevance to current Workiva ownership questions.
- Who owns Workiva: initially the four founders and close insiders dominated seed-stage equity.
- Workiva ownership concentrated: founders + former EAI colleagues rather than large seed VCs.
- Workiva shareholders: expanded post-IPO to include institutional investors and mutual funds; founder stakes diluted over time.
- Insider ownership and governance: transitions were orderly, with no widely reported early disputes as the company professionalized.
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How Has Workiva’s Ownership Changed Over Time?
Key events shaping Workiva ownership include the December 2014 NYSE IPO at $14 per share, progressive institutionalization from 2015–2020 as the platform expanded beyond SEC reporting, and a 2021–2025 era where passive and active managers became dominant holders while insider stakes declined in percentage terms.
| Period | Ownership Trend | Notable Effects |
|---|---|---|
| 2014 IPO | Broadening to institutional investors; meaningful insider lockups | Raised ~$100M; initial market cap ~$600–700M |
| 2015–2020 | Institutionalization via index inclusion and mutual funds | Insider percentages diluted by secondary liquidity and option exercises |
| 2021–2025 | Dominant institutional ownership; dispersed public float | Top-10 shareholders hold a substantial portion of float; governance aligned with mid-cap SaaS norms |
Institutional investors, typically large passive managers and growth-focused funds, appear repeatedly in SEC filings as top holders; founders and executives retain meaningful but non-controlling stakes disclosed in proxy statements, and ownership dynamics have supported strategic moves into ESG, GRC, and international expansion while preserving Rule-of-40 discipline.
Who owns Workiva today?
Institutional investors dominate the shareholder register, with top passive managers and active growth funds among leading holders; insider ownership is modest but present.
- Top-10 holders typically hold a large share of the free float
- Common large holders in filings include Vanguard and BlackRock
- Founders/executives hold material but non-controlling stakes per proxy
- Index inclusion and mutual funds increased liquidity and diversification post-IPO
For detailed context on company revenue models that influenced investor interest, see Revenue Streams & Business Model of Workiva; for up-to-date percentages and the current top-10 shareholders list consult the latest 13F filings, Form 4 disclosures, and the annual proxy statement filed with the SEC for 2024–2025 data.
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Who Sits on Workiva’s Board?
As of 2025 the Workiva board blends founders and independent directors with expertise in software, finance, audit and governance; Executive Chair Martin J. Vanderploeg and CEO Julie Iskow (appointed 2023) serve on the board alongside independent chairs of audit, compensation and nominating/governance committees, with voting power tied to one‑share, one‑vote common stock.
| Name | Role | Relevant Expertise |
|---|---|---|
| Martin J. Vanderploeg | Executive Chair | Co‑founder, product and strategy |
| Julie Iskow | Chief Executive Officer, Director | Former President/COO, SaaS operations |
| Independent Director A | Audit Committee Chair | Public accounting, SOX compliance |
| Independent Director B | Compensation Committee Chair | Executive compensation, HR |
| Independent Director C | Nominating & Governance Chair | Corporate governance, board oversight |
Workiva maintains a single‑class common stock structure with no disclosed dual‑class or supervoting shares; voting power equals economic ownership, and institutional investors collectively exert significant influence through annual director elections and say‑on‑pay votes.
Board composition and voting dynamics
Board control follows share ownership; no controlling shareholder has been reported, and engagement focuses on pay, ESG and growth versus profitability tradeoffs.
- One‑share, one‑vote common stock: voting tied to economic ownership
- Institutional investors (e.g., mutual funds, asset managers) hold a majority of public float—collective influence in elections
- No widely reported proxy fights or activist‑led board turnovers through 2025
- Executive insiders (cofounder and CEO) participate on board but do not have special voting rights
For further context on strategy and governance read Growth Strategy of Workiva.
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What Recent Changes Have Shaped Workiva’s Ownership Landscape?
Between 2019 and 2025 Workiva ownership shifted toward greater institutionalization, with passive index funds and large active managers increasing positions as the company expanded beyond SEC reporting into ESG, audit, and risk products; insider ownership as a share of diluted common stock declined modestly due to equity compensation and secondary liquidity while founders and executives retained performance-aligned stakes.
| Period | Ownership Trend | Notable Drivers |
|---|---|---|
| 2019–2021 | Growing institutional and passive ownership | Expansion of platform into non-SEC use cases; ARR growth |
| 2022–2023 | Stable institutional base; insider stake trending lower | Leadership change to Julie Iskow (2023); ongoing equity comp |
| 2024–2025 | Broad non-controlling institutional holders; limited buybacks | Focus on operating investment, net revenue retention strength |
Institutional ownership rose to an estimated range of 55–70% of float by 2025 with top passive holders such as index ETFs and large asset managers among the largest shareholders; insider ownership declined to roughly 5–12% of diluted shares depending on disclosure date, while insider alignment is maintained via performance-based awards and restricted equity.
Institutional concentration
Institutional investors account for the majority of free float; passive funds and active growth managers both increased exposure as Workiva broadened its product set and ARR profile.
Insider ownership trend
Insider percentage of diluted shares declined through ongoing equity awards and secondary sales, though founders and executives retain meaningful performance-linked incentives.
Governance and capital activity
One-share-one-vote governance remained intact through 2025; capital allocation prioritized operating investment and modest repurchases aimed at offsetting dilution rather than large buybacks.
Market context
Industry trends of rising passive ownership, emphasis on board independence and ESG, and selective activist interest shape how Workiva shareholders engage with management and the board.
Leadership shifts—Vanderploeg to CEO in 2018 with Rizai as Executive Chairman, then Julie Iskow to CEO in 2023 with Vanderploeg as Executive Chairman—preserved founder stewardship while professionalizing management, and as of 2025 management commentary and analyst reports point to broad, non-controlling institutional ownership with no announced plans for dual-class shares, spin-offs, or take-private transactions; see a compact corporate timeline in the Brief History of Workiva.
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