Workday, which makes cloud applications for finance and human resources, has completed its acquisition of Adaptive Insights, a provider of cloud-based planning, analysis and reporting software for businesses. The combination of the companies creates a broader enterprise solution across business functions.
Adaptive Insights will now do business as Adaptive Insights, a Workday company, with Adaptive Insights CEO Tom Bogan reporting to Workday co-founder and CEO Aneel Bhusri.
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.
Within the last 12 months, Adaptive Insights deepened its finance and accounting capabilities, including expanding its financial and operational platform to improve business user engagement, and modeling to aid company-wide decision making. The company also introduced Adaptive Insights Business Planning Cloud with the goal of better organizing financial planning across the organization outside of just the finance department.
“Running a business that stands the test of time requires a strategic approach to planning supported by the right tools and a trusted partner. That’s why I couldn’t be more excited to officially welcome Adaptive Insights into the Workday family,” said Aneel Bhusri in a statement. “With this incredible team and technology unified with Workday, we will set the new standard for financial and business planning — with one system that equips customers with the intelligence they need to make more accurate decisions that drive future success.”
“Adaptive Insights was founded with a vision to create a cloud planning platform that would free people to do their best work, and we’re doing that for more than 3,800 companies of all sizes,” added Tom Bogan. “Now, as part of Workday, we’re able to further our vision and continued innovation with our Business Planning Cloud, while remaining true to our values and focus on employees and customers. I’m excited for all the great things we’ll be able to achieve together.”
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