Workday Acquires Adaptive Insights to Accelerate Finance and Business Transformation in the Cloud
Workday, Inc., a provider of enterprise cloud applications for finance and human resources, and Adaptive Insights, a cloud-based platform for modernizing business planning, have signed a definitive agreement under which Workday will acquire all of the outstanding shares of Adaptive Insights for approximately $1.55 billion including the assumption of approximately $150 million in unvested equity issued to Adaptive Insights employees.
The transaction is expected to close in the third quarter of Workday's fiscal year 2019, ending October 31, 2018, subject to the satisfaction of customary closing conditions.
Workday says it intends to combine the Adaptive Insights Business Planning Cloud – used by thousands of customers of all sizes around the world – with its suite of applications for finance and HR. Together, Workday says, the companies will enable customers to better plan, execute, and analyze across the enterprise all in one cloud platform to drive their financial and business transformations.
Adaptive Insights will continue to be led by CEO Tom Bogan, reporting to Aneel Bhusri, co-founder and CEO, Workday. Workday says it will further power its financial planning products with Adaptive Insights Business Planning Cloud, while continuing the current roadmap and strategy for its workforce planning products.
More information is available from the Workday Blog and the Adaptive Insights Blog.