Business
Workday Partnership & Co-Sell drives £200m Target
Workday Partnership & Co-Sell drives £200m Target.
About this update from Kainos Group Plc
[{"type":"text","content":"\n\nTHE INFORMATION WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONTAIN INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n25 July 2024\n \nKainos Group plc\n(\"Kainos\" or \"the Company\")\n \nWorkday Partnership & Co-Sell drives £200m Target\n \nKainos Group plc (KNOS), a UK-headquartered IT provider with expertise across three divisions - Digital Services, Workday Services, and Workday Products, today announces an increase to the Annual Recurring Revenue (ARR) target for its Workday Products business, from £100m to £200m, following the signing of an enhanced strategic partnership with Workday, Inc.\n \nIncreased ARR Target\nAs a result of this agreement and the underlying momentum in the Workday Products division, Kainos is increasing the ARR target for the division from £100m (by 2026) to £200m (by 2030). In its most recent results, to 31 March 2024, the exit ARR associated with the Kainos Workday Products was £61m, an increase of 26% on the prior year. With over 450 global customers using its products, existing Kainos customers include JLL, Capital One and Match Group.\n \nEnhanced Strategic Partnership\nAnnounced by Workday in June 2024, Built on Workday enables partners to create purpose-built apps that address customers' business and industry challenges and to accelerate the distribution of those apps to Workday's 10,500+ enterprise customers through the Workday Marketplace.\n \nKainos' enhanced strategic partnership will see Workday's sales teams across North America, Europe and Asia Pacific incentivised to introduce and co-sell Kainos Products. The agreement covers the existing Kainos products, Smart Audit, Smart Test and Kainos Employee Document Management as well as future products that Kainos will develop on Built on Workday. It is a multi-year agreement with payments to Workday of approximately £7.8m per year. \n \nIncreased Investment\nTo maximise the opportunity presented by this enhanced agreement, there are costs that are expected to be incurred. These cos...