WK

What You Should Know

Workiva is a US enterprise SaaS company providing a cloud-based connected-reporting and compliance platform used by enterprises for SEC financial reporting, regulatory reporting (banking, insurance, healthcare), management reporting, internal audit and SOX compliance, environmental, social and governance (ESG) reporting, and global statutory reporting. The Wdesk platform allows enterprises to manage interconnected data, narrative, and disclosures across reporting workflows. The customer base spans Fortune 500 enterprises across industries. Enterprise SaaS for regulatory and financial reporting is permissible at the activity level — Workiva sells general-purpose reporting and compliance software, not financial products. A meaningful share of customers are conventional financial-services firms (banks, insurance companies, asset managers) using the platform for regulatory reporting, but the product is general-purpose connected-reporting software rather than a financial-services-specific platform; most Sharia advisory boards do not classify general-purpose enterprise-SaaS vendors with financial-services customers as failing the qualitative screen. Workiva operates a software-style balance sheet — convertible notes are part of the capital structure, and the debt-to-market-cap ratio depends on the share-price level. Muslim investors should verify the convertible-note balance and the most recent ratio at their preferred screening platform.