This deal, worth $1.55 billion, will allow Workday to transfer their financial and human capital management services to the cloud. This will enable its customers to plan, execute and analyse their business via one integrated system.
This system will operate under the name Adaptive Insights, a Workday Company, and Adaptive Insights CEO Tom Bogan will report to Workday CEO Aneel Bhusri.
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“Running a business that stands the test of time requires a strategic approach to planning supported by the right tools and a trusted partner,” said Workday CEO and Co-founder Bhusri.
“That’s why I couldn’t be more excited to officially welcome Adaptive Insights into the Workday family.”
“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.”
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Adaptive Insights CEO Tom Bogan says that the deal will allow the company “to further our vision and continued innovation”.
I’m excited for all the great things we’ll be able to achieve together,” Bogan added.
“With Adaptive Insights as part of Workday, organisations will have a more comprehensive planning system that further fuels finance and business transformation to drive competitive advantage,” commented Mickey North Rizza, program vice president, Enterprise Applications & Digital Commerce at market intelligence provider IDC.
“The office of finance is undergoing significant digital transformation as the back office is finally reaching parity with the front office, creating a new digital core across the enterprise.”
“As part of this shift, finance teams require a robust central planning system that provides the insights to help them grow and compete in real time.”
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