Adaptive Insights had plans to go public, but this entire process was transformed for one particular reason according to CEO Aneel Bhusri of Workday and Tom Bogan, CEO of Adaptive Insights.
Adaptive Insights had solid plans to go public, working its way around the nation promoting its public offering plans. This, however, was not to be, as leading cloud business Workday acquired the business for a sum of $1.5 billion resulting in Adaptive Insights becoming a subsidiary of Workday. Tom Bogan, CEO of Adaptive Insights and CEO, co-founder and close friend of workday Aneel Bhusri, both explained to media that the takeover really came down to one thing which was compatibility.
Bogan explains that one vital element was the close alignment of cultures between the two businesses. In a recent interview with both CEO’s, they explained their similar approach to customers and employees meant there was a lot of trust between both businesses, enabling a deal to be secured in a relatively short time frame.
Adaptive Insights is focused on planning in cloud based systems, collaboration and analytics. The acquisition provides an additional $5 billion to Workday’s potential opportunities, including in excess of 4,000 customers and a wide portfolio of other offerings.
Bhusri explains that they had a vision for enterprise applications that follow a process of commencing with planning, moving to execution and finishing with analysis. This is essentially how businesses operate, creating a plan, executing against this plan and measuring the results. Bhusri explains that they had tried to create their own planning system but had realised they were behind other businesses like Adaptive and wanted to be involved in that market.
This resulting demand led the quick secured deal and enabled Workday to finalise its biggest ever acquisition and become the first business that can deliver planning, execution and analysis within one platform.