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Workday to buy Adaptive Insights in $1.55B deal

Workday Inc. has agreed to acquire all of the outstanding shares of Adaptive Insights Inc., a Palo Alto, Calif.-based provider of cloud-based platform for business planning, for approximately $1.55 billion.

The purchase price includes the assumption of approximately $150 million in unvested equity issued to Adaptive Insights employees.

Subject to closing conditions, the deal is expected to close in the third quarter of Workday's fiscal year 2019, ending Oct. 31. Workday expects to fund the consideration with cash from its balance sheet. Upon closing, Adaptive Insights will continue to be led by CEO Tom Bogan.

Allen & Co. LLC is serving as exclusive financial adviser to Workday, and Fenwick & West LLP is serving as its legal adviser. Morgan Stanley & Co. LLC is acting as financial adviser to Adaptive Insights, and Cooley LLP is serving as its legal adviser.