Cloud ERP company Workday has acquired Adaptive Insights, a cloud-based platform for modernizing business planning, for approximately $1.55 billion.

The transaction is expected to close in the third quarter of Workday’s fiscal year 2019, ending October 31, 2018, subject to the satisfaction of customary closing conditions.

Allen & Company is serving as exclusive financial advisor to Workday, and Fenwick & West is serving as its legal advisor. Morgan Stanley is acting as financial advisor to Adaptive Insights, and Cooley is serving as its legal advisor.

[Image courtesy: Workday]