Workday has completed its US$1.55 billion acquisition of cloud specialists Adaptive Insights three months ahead of schedule.
The acquisition was expected to complete by 31 October, bolstering the vendor's capabilities across the finance and HR markets.
“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 Aneel Bhusri, co-founder and CEO, Workday. “That is why I could not be more excited to officially welcome Adaptive Insights into the Workday family.
The vendor’s customers will now find it easier to plan, execute, and analyse across the enterprise all in one system.
“Adaptive Insights was founded with a vision to create a cloud planning platform that would free people to do their best work, and we are doing that for more than 3,800 companies of all sizes,” said Tom Bogan, CEO, Adaptive Insights.
“Now, as part of Workday, we are able to further our vision and continued innovation with our Business Planning Cloud, while remaining true to our values and focus on employees and customers. I am excited for all the great things we will be able to achieve together."
The company will now operate as Adaptive Insights, a Workday company, with Bogan reporting directly to Bhusri.
"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,” said Mickey North Rizza, program vice president at IDC.
"The office of finance is undergoing a 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."