Workday, provider of enterprise cloud applications for finance and human resources, has agreed to acquire Adaptive Insights, a financial planning software provider for about $1.55 billion.

The deal includes assumption of nearly $150 million in unvested equity issued to the employees of Adaptive Insights.

Both the software companies are based in California.

Adaptive Insights’ Business Planning Cloud is used across the world by customers of all sizes. The company’s products include a suite of applications designed for finance and HR.

Workday says that its combination with Adaptive Insights will let customers come up with enhanced planning, execution, and analysis across the enterprise in a cloud-based platform to achieve their financial and business transformations.

Commenting on Workday acquisition of Adaptive Insights, Aneel Bhusri – Co-Founder and CEO, Workday, said: “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.

“I am excited to welcome the Adaptive Insights team to Workday and look forward to coming together to continue delivering industry-leading products that equip finance organizations to make even faster, better business decisions to adapt to change and to drive growth.”

Post-acquisition, Workday is expected to boost its financial planning products with Adaptive Insights Business Planning Cloud, while pursuing with its existing roadmap and strategy for its workforce planning products intact.

Tom Bogan – CEO, Adaptive Insights, commenting on Workday acquisition of Adaptive Insights, said: “Joining forces with Workday accelerates our vision to drive holistic business planning and digital transformation for our customers.

“Most importantly, both Adaptive Insights and Workday have an employee-first and customer-centric approach to developing enterprise software that will only increase the power of the combined companies.”

Depending on the satisfaction of customary closing conditions, Workday acquisition of Adaptive Insights is anticipated to be wrapped up in the third quarter of Workday’s fiscal year 2019, ending 31 October, 2018.

  Adaptive Insights, Aneel Bhusri, California, Tom Bogan, USA, Workday