Cannot go down, page-166

Only good news now, seems like CBA is concentrating on trying to make money out of future things as opposed to milking the gains of yesteryear. Wish a few other banks such as Wells Fargo, Citi, Goldman Sachs of Clinton, JP Morgan etc could do the same. Foreigners might start investing in CBA in a big way.

Commonwealth Bank of Australia has signed a significant new deal with $20 billion US software services group Workday, moving numerous technology systems off the Oracle systems in its premises into the cloud, as the fast-growing American company sharpens its focus on Australian growth.
While Workday is not yet a household name in Australia, it is a leading light in the new breed of cloud-based software providers, which are causing big headaches for traditional software vendors such as SAP and Oracle by selling to large corporate technology departments.
CBA has already moved the human resources systems of its international operations off Oracle and on to Workday, and has begun work across its Australian operations. Under the "software as a service" (SaaS) model, companies' software is hosted on the vendors' servers and is paid for based on usage. In the older model, a company would deploy systems in-house and then undergo expensive and time-consuming upgrades every few years.
CBA's executive general manager, group people services, Andrew Culleton, told The Australian Financial Review it was working with Workday to implement a global human resources information solution for the organisation, which was part of a wider HR technology transformation.
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Mr Bhusri co-founded Workday with Dave Duffield (left), the founder of Peoplesoft, where they had previously worked together. Bloomberg
"We are transforming how our core systems work, improving and then leveraging the data integration between our other HR solutions to make HR services simple, easy and flexible for our people," he said.
A CBA spokesman said that while the bank was still using big vendors such as SAP in its core banking and Oracle for financial systems and databases, it was increasingly moving towards open source and cloud-based services such as Amazon Web Services and Microsoft Azure wherever possible.
AUSTRALIAN PUSH

News of its win with CBA came as Workday's co-founder and chief executive Aneel Bhusri paid a visit to Australia, to meet existing customers, prospective clients and its growing local workforce. It employs about 50 people in Australia, and has 30 staff in New Zealand.
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The tech IPOs keep coming on the ASX, most notably last week's successful IPO of $1.17 billion-valued Wisetech Global. Anthony Johnson

The company could stand as an example to budding Australian tech start-ups, having been founded in 2005, before growing through three funding rounds totalling $US175 million and going public on the New York Stock Exchange in late 2012. At the end of last week, it was trading at $US76.80 giving it a market value of $US14.75 billion ($19.25 billion) making it the second largest SaaS player in the world, behind the $US51.33billion Salesforce.com.
Mr Bhusri told the Financial Review that Asia Pacific was key to its long-term growth aspirations, which included signing on more large organisations and multinationals to its newer financial management systems and HR products.
In recent times, it has lured 40 Australian companies, including Toll Holdings and QBE, to sign up for its HR product, and it also has about 200 global organisations in Australia using Workday. Locally it has signed on clients such as Salmat.
Like Salesforce, the company is investing money to increase its market share rather than to return profits and Mr Bhusri said knowledgeable US investors were willing to back tech companies, which showed they would be profitable in the longer term.

"We are going through a once-in-a-decade change in technology platforms, from on-premise client-server to cloud systems, so we are growing as fast as we can without risking customer satisfaction," he said.
"Wall Street likes growth and profitability; we are focused on trying to balance the two, and are more focused on growth. The profitability of this model is very clear in the long run."