Workday

“Founders are stepping back into B2B companies struggling with the AI shift, with recent examples including UiPath, Workday, and Intercom.”

“I think if he does, there's real upside to that. Maybe instead of their 20% IRR, it could be a game changer. If he creates the agentic version of Workday, they at least have the founder back in the saddle doing it.”

“What Workday says is if you've got 30% operating margins, modest growth, but you're a system of record where you really can believe in the next five years, then if you're lucky, you get 5.3 times revenues. That's the bid-ask spread right now.”