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Fly News Breaks for September 11, 2018
WDAY, ULTI, NOW
Sep 11, 2018 | 09:51 EDT
William Blair analyst Justin Furby spent time researching the human resource service delivery sector and believes the market "remains in the early innings of adoption." Spending on HR service delivery applications has significant growth potential over the next several years, Furby tells investors in a research note. He thinks that over the last 9 to 12 months, there appears to be a "clear acceleration" in activity levels in the HR service delivery market. He estimates the annual HR service delivery application opportunity is $1.4B in the U.S. and $2B-$3B globally. Both ServiceNow (NOW) and Ultimate Software (ULTI) appear well positioned to participate in the growth of HR service delivery applications, and though competitive dynamics "are likely to heat up over time," the market can support more than one growth story, contends Furby. Further, he expects expect Workday (WDAY) "to enter the discussion over time." The analyst has Outperform ratings on all three names.
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