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Workday to buy Adaptive Insights for $1.55 billion


(Reuters) - Inc said on Monday it would buy Inc in a deal valued at $1.55 billion, paying a hefty premium for the cloud-based company that was expected to go public this week.

Adaptive Insights, a provider of cloud platform for planning, was expected to raise up to $123 million in its initial public offering, valuing the company at more than $600 million.

expects to fund the deal with cash from its balance sheet and assume about $150 million in unvested equity issued to employees. The deal is expected to close in Workday's third quarter, ending Oct. 31.

is serving as to Workday, and LLP is its

is acting as to Adaptive Insights, and is its

(Reporting by in Bengaluru; Editing by Anil D'Silva)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, June 11 2018. 18:06 IST