Over the last few years, we’ve seen increasing digital transformation in the office of finance. In response, Workday has continually delivered against our unique vision of bringing planning, execution, and analysis together in one system. A large part of that strategy has been adding breadth and depth to our core finance product—Workday Financial Management—which continues to win over customers and lead the industry. Another core component of our strategy is investing in customers’ increased demand for advanced financial planning—especially around the core general ledger—as organizations realize how central planning is to driving strategic, competitive advantage.
Simply put, our customers wanted more.
That’s why we’re so excited to announce that Workday has signed a definitive agreement to acquire Adaptive Insights, a leading cloud-based platform for modernizing business planning.
With this incredible team and their industry-leading technology unified with Workday, we will accelerate customers’ finance and business transformations across the organization through a powerful combination of integrated planning and a complete finance suite of products. More specifically, this acquisition will fast-track our financial planning roadmap by 2+ years, delivering customers new, advanced modeling capabilities and more, powered by the Adaptive Insights Business Planning Cloud.
Not only is this a fantastic match for our customers in terms of products and technology, but it’s also a perfect fit in terms of people and culture. Like Workday, Adaptive Insights puts employees and core values at the center of everything they do.
We are excited about our future together, and look forward to sharing more details in the coming months. In the meantime, please see below for a short FAQ with more details.
Adaptive Insights was founded in 2003 and has grown to become a leading provider of cloud-based planning software with more than 3,800 customers around the world. With Adaptive Insights Business Planning Cloud, organizations of all sizes are able to transform business planning—for both finance and functional teams—into a continuous, collaborative, and comprehensive process that drives competitive advantage and organizational growth.
Adaptive Insights is headquartered in Palo Alto, Calif., with additional offices across the U.S., Europe, and APAC, and has been consistently recognized as a leader in the planning and corporate performance management markets by industry analysts.
True to form, Workday is acquiring Adaptive Insights to benefit our customers. As the business environment becomes increasingly dynamic and complex, customers were asking for new ways to accelerate their finance transformations—especially in the area of financial planning related to the general ledger. The addition of Adaptive Insights will help fast-track our financial planning roadmap by 2+ years, and will equip customers with an even more dynamic, interactive, and collaborative solution that, when paired with our own industry-leading financial management, HR, and analytics products, will be a winning, cloud-first combination nobody else can offer.
We intend to unify Adaptive Insights’ leading Business Planning Cloud with Workday’s leading suite of applications for finance and HR. Together, Workday and Adaptive Insights will equip customers to better plan, execute, and analyze all in one system that we believe will lead the industry and support continued financial and business transformations.
Upon close of the acquisition, Adaptive Insights CEO Tom Bogan will report to Workday Co-Founder and CEO Aneel Bhusri. Under their leadership, we will further power Workday’s financial planning products with Adaptive Insights’ Business Planning Cloud, while continuing our current roadmap and strategy for Workday’s workforce planning products.
We will share additional details about our plans throughout the coming year.
The combination of Workday and Adaptive Insights will equip customers of both companies and all sizes with the leading cloud system to drive their finance organizations and businesses into the future. Together, no other companies can offer the breadth and depth of products, experience, customer service, and go-to-market initiatives required to truly put next-generation planning at the center of driving business performance today and in the future.
We are committed to unifying Adaptive Insights with Workday—not bolting it on. This means the Power of One will stay intact, equipping our customers with access to one data model, one security model, one user experience, and of course, one Workday community that enables them to plan, execute, and analyze in one system.
Yes, the Adaptive Insights team will join Workday upon close of the transaction, which is expected to occur in the third quarter of Workday’s fiscal year 2019, ending October 31, 2018.
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. For more information, please refer to the press release or a replay of the financial analyst call which can be found on the Workday Investor Relations site.
The transaction is expected to close in the third quarter of Workday’s fiscal year 2019, ending October 31, 2018.