Adaptive Insights chairman and co-founder Robert S. Hull

              image credit : Adaptive Insights

Palo Alto based SaaS company Adaptive Insights which was founded 15 years ago and provides a business-planning cloud which provides for insights garnering and collaboration for its customers has been confirmed to be acquired by $26 Billion+ software company Workday in a deal worth $1.55 Billion after it filed for an IPO which was targeted to raise $115 million for the company at a $705 million valuation.

This price marks more than double the set IPO valuation and represents a huge gain for the company, Its shareholders and various investors.

The company raised a huge $75 million in its most previous funding round and has also raised over $175 million in total.

Adaptive Insights brought in over $100 million in revenues last year which represented a huge milestone for the software company, The company amidst this huge revenue recorded a loss of $42.7 million which indicates that the company isn’t yet profitable but is slated to grow heavily and gain profits in soon time.

With this acquisition also came an agreement by Workday to take assumption for $150 million in unvested equity held by Adaptive Insights’ employees.

Adaptive Insights was founded by Richard Dellinger and current chairman Robert Hull and is currently led by software giant Citrix Systems’ former chairman Tom Bogan who became CEO of Adaptive Insights starting from 2015.

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