Credit: Shutterstock photoAdaptive Insights, which provides cloud-based software for financial planning, announced on Monday morning that it has agreed to a $1.6 billion acquisition by Workday, two days ahead of the expected pricing of its IPO. Workday's offer represents a 151% premium to Adaptive Insights' proposed IPO enterprise value of $618 million.
The Palo Alto, CA-based company was founded in 2003 and booked $114 million in sales for the 12 months ended April 30, 2018. It had planned to list on the NYSE under the symbol ADIN. Morgan Stanley, BofA Merrill Lynch, Jefferies and RBC Capital Markets were set to be the joint bookrunners on the deal.
The article Workday acquires Adaptive Insights for $1.6 billion two days ahead of pricing originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
