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18 June 2018

Analysis: Adaptive Insights purchased for $1.55bn

The surprising acquisition comes less than a month after the company had filed for a $100m initial public offering.

Author: Kaloyan Andonov, reporter, GCV Analytics

US-based business planning enterprise software developer Adaptive Insights, which counts software producer Salesforce and Wells Fargo's venturing NPV among its backers, agreed to be acquired by cloud-based human resources management platform Workday for $1.55bn. Workday plans to integrate Adaptive Insights’ platform into its own suite of applications. The transaction, which is subject to customary closing conditions, was announced three weeks after Adaptive Insights had filed for a $100m initial public offering.

Founded in 2003 as Adaptive Planning, Adaptive Insights runs a software-as-a-service cloud-based platform which enables businesses to build models of their operations and collaborate on planning while analysing performance data.

The company raised various corporate-backer rounds to date, as shown on the GCV Analytics chart below. Previous transactions included a $45m corporate-backed round featuring Salesforce in 2013 as well as a $75m round in 2015, which featured Norwest Venture Partners, the venture capital firm managing funds for financial services firm Wells Fargo. The company’s recent IPO filing, however, had revealed that NPV and Salesforce held a 16.5% and 5% stakes in it, respectively.

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