Workday Inks Deal With Duo To Enhance Its User Interface

Workday, Inc. (NASDAQ:WDAY) announced its partnership with Duo Security to integrate the latter’s multi-factor authentication (MFA) technology. This will enhance security and improve functionality of Workday’s user interface.

Duo Security leads the market in trusted access and MFA technologies. It aids enterprises to defend against breaches through its effective cloud-based Trusted Access product suite.

With the integration of Duo’s MFA technology and Workday’s robust and built-in-security features, organizations can further enhance security features and mitigate phishing incidents on devices. This partnership will aid Workday to deliver on its commitment of safeguarding customer data while continuing its focus on people-centric secure enterprise IT approach.

Notably, shares of Workday have returned 36.8% in the last year, outperforming the industry’s rally of 27.9%.

Expansion of Workday’s Security Toolset

Workday is primarily a provider of enterprise-level software solutions for financial management and human resource domains. However, with increasing influx of security threats and an ever-changing workforce, Workday is looking to add security offerings to its product suite.

With the help of this collaboration Workday’s customers will be able to experience greater flexibility in operations, enhanced multi-level security, increased awareness and greater administrative control. This additional level of protection will help Workday gain the trust of its users, thus increasing adoption of its products and ultimately boosting top line.

Cloud technology is being increasingly adopted across businesses in order to innovate, handle greater volumes of sensitive data, protect against cyber-security threat and drive growth. This strategic partnership will help both the companies to leverage each other’s resources to generate an innovative business model and make the environment more secure.

To Conclude

Workday is a dominant player in the financial management sector as well as the human capital management solutions space. Moreover, companies like Lowe’s Corporation, M&T Bank Corporation (NYSE:MTB), Lloyds (LON:LLOY) Bank plc, Software AG and Oshkosh Corporation have selected Workday’s HCM solution.

The company has added 37 financial management customers, up more than 60% from the year-ago quarter. Its clientele now includes Sanford Health, University of Louisiana and Melco Resort Services.

Workday was placed in the Leaders quadrant of “Magic Quadrant for Cloud Human Capital Management Suites for Midmarket and Large Enterprises” by Gartner.

Workday’s intention to foray into the platform-as-a-service market by launching the Workday Cloud Platform is expected to further boost the company’s top line in our view.

Per research firm MarketsandMarkets, the HCM market size is anticipated to reach $22.5 billion by 2022 from $14.5 billion in 2017 at a CAGR of 9.2%. We believe that with a frequently enhanced product suite, the company is well poised to grab the growth opportunity.

Zacks Rank and Stocks to Consider

Workday carries a Zacks Rank #3 (Hold).

A few better-ranked stocks in the broader technology sector are Broadcom Limited (NASDAQ:AVGO) , Analog Devices, Inc. (NASDAQ:ADI) and Mellanox Technologies, Ltd. (NASDAQ:MLNX) , all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Broadcom, Analog Devices and Mellanox have a long-term expected earnings growth rate of 13.75%, 10.40% and 16%, respectively.

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