Workday Inc. has recently announced the purchase of Adaptive Insights Inc. for an estimated $1.55 billion, considered a large premium. The cloud-based company for business planning is expected to go public shortly.
Initially, the company was set to raise approximately $123 million during its IPO, which would value the company at over $600 million.
Workday intends on completing the transaction with cash acquired from its balance sheet. Around $150 million in unvested equity will be assumed and delivered to Adaptive Insights staff.
Workday's financial adviser is Allen & Company LLC, with Fenwick & West LLP taking up the legal front.
Morgan Stanley & Co. LLC acts as financial adviser for Adaptive Insights, with Cooley LLP on legal.
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