Irenic Issues Presentation Detailing Multiple Pathways to Reverse Underperformance and Accelerate Value Creation at Workiva

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09/29/2025 - 03:03 PM

Outlines Actionable Steps to Capitalize on Company’s Market Leading Position by Improving Operational and Go-to-Market Efficiency, Enhancing Corporate Governance, and Evaluating Potential Sponsor and Strategic Partner Interest

Believes Refreshed Board Should Run Strategic and Operating Review to Explore All Options to Maximize Value

Calls on the Company to Adopt a “Rule of 40” Operating Model Balancing Growth and Increased Profitability, or to Sell the Company

NEW YORK--(BUSINESS WIRE)-- Irenic Capital Management, LP, a significant shareholder of Workiva, Inc. (“Workiva” or the “Company”) (NYSE: WK) with approximately 2% of the Company’s outstanding shares, today issued a presentation outlining actionable recommendations to address the Company’s significant share price underperformance relative to peers and create value for all shareholders. Irenic issued the following statement:

“Workiva is a high-quality business with market-leading products in its portfolio, significant recurring revenue, strong gross margins and structurally high operating margin potential. Despite these advantages, the Company currently trades at a substantial discount to its peers and its historical valuation. In our view, Workiva’s significant underperformance reflects a failure to achieve the appropriate mix of growth and operating profitability.

We firmly believe meaningful and immediate change is needed at the Company. Workiva needs a revamped Board which should conduct a Strategic & Operating review to evaluate the best risk-adjusted path forward – either as a refocused and substantially more profitable public company or by pursuing a sale to a sponsor or strategic buyer.”

About Irenic

Irenic Capital Management, LP is an investment management firm founded by Adam Katz and Andy Dodge. Based in New York City, Irenic works collaboratively with publicly traded companies to ensure operating activities, capital deployment and management incentives are all aligned to create value for the company and its owners. For more information about Irenic, please visit www.irenicmgmt.com.