Tidemark said it has raised $25 million from existing investors and Workday as the company aims to expand in Europe.
The news is notable given Tidemark was rumored to have significant layoffs a few weeks ago. Christian Gheorghe, CEO and founder of Tidemark, confirmed the layoffs and dispelled chatter that the cuts hit a third of the workforce, but wouldn't disclose the exact numbers.
Gheorghe added that the restructuring, Workday investment and expansion in Europe were all co-mingled. "Part of the reorganization was to realign and focus the business on the product, planning and financials across enterprises," said Gheorghe.
He added that Tidemark had to retool as it scaled. The company had passed the 70 customer mark and was seeing multi-thousand seat deals. As a result, Tidemark needed a different financial and operational approach. "We weren't properly aligned with the larger accounts," said Gheorghe. The Workday partnership is likely to help that cause.
Tidemark's retooling and additional investment from Workday as well as existing investors have an international flavor. Tidemark said it has opened three new offices in the United Kingdom, France and the Netherlands. Overall, Tidemark has eight offices around the world.
The company has raised more than $100 million in total funding to date and has had Workday as a partner since the beginning. Tidemark said that its revenue in the fiscal first quarter was up four times from a year ago, but didn't provide exact figures.
Tidemark specializes in enterprise performance management software and having Workday as a partner could be critical. Workday has a hefty human capital management footprint and is expanding into financials. Tidemark whether as a partner of future unit of Workday could ride shotgun.