Workday, the publicly-traded HR software company, has reached a deal to buy Peakon, an employee feedback platform. The company will pay $700 million in cash for Peakon, a press statement notes.

A $700 million exit marks a big one for Peakon, a startup that’s backed by $68 million in venture funding. It represents the second-biggest acquisition that Workday has ever made in its history.

Obviously, a software platform for employee feedback fits very well into Workday’s market of HR software. Since its inception, Workday has expanded significantly with acquisitions, more than a dozen of them. The company’s biggest purchase was when it paid $1.55 billion for Adaptive Insights in 2018.

Peakon is notably a European company based in Denmark. As such, a $700 million exit is one of the biggest startup exits to emerge from Denmark. Peakon is mainly backed by European investors such as Atomico, EQT Ventures, and Balderton Capital.

Workday’s purchase of Peakon is expected to be completed in the first quarter of 2021.

Photo: Workday CEO Aneel Bhusri. credit: Financial Times photos, licensed under CC BY 2.0

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