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Workday To Acquire Adaptive Insights For $1.55 Bln - Quick Facts

Workday Inc. (WDAY), a provider of enterprise cloud applications for finance and human resources, has agreed to acquire all the outstanding shares of Adaptive Insights for about $1.55 billion, the two companies said Monday.

The acquisition value of $1.55 billion includes the assumption of about $150 million in unvested equity issued to Adaptive Insights employees. Adaptive Insights is a cloud-based platform for modernizing business planning and will power financial planning for Workday.

The transaction is expected to close in the third quarter of Workday's fiscal year 2019, ending October 31, 2018. Workday expects to fund the consideration with cash from its balance sheet.

"Adaptive Insights is an industry leader with its Business Planning Cloud platform, and together with Workday, we will help customers accelerate their finance transformation in the cloud," said Aneel Bhusri, Co-Founder and CEO of Workday.

Workday said 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.

Palo Alto, California-based Adaptive Insights will continue to be led by CEO Tom Bogan, reporting to Aneel Bhusri.

Allen & Company LLC is serving as exclusive financial advisor to Workday, and Fenwick & West LLP is serving as its legal advisor.

Morgan Stanley & Co. LLC is acting as financial advisor to Adaptive Insights, and Cooley LLP is serving as its legal advisor.

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