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Workday has agreed to buy Adaptive Insights, a Palo Alto-based maker of cloud-based financial management software that had been planning to go public this week.

Bottom line: The price is $1.55 billion, which is more than double the $705 million fully-diluted value that Adaptive Insights would have fetched in the middle of its IPO range.

Workday agrees to buy Adaptive Insights, ending IPO plans

A much bigger price-tag than Adaptive Insights was seeking via IPO.

WorkDay CEO Aneel Bhusri. Photo by Mark Neuling via Getty Images.

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Workday has agreed to buy Adaptive Insights, a Palo Alto-based maker of cloud-based financial management software that had been planning to go public this week.Bottom line: The price is $1.55 billion, which is more than double the $705 million fully-diluted value that Adaptive Insights would have fetched in the middle of its IPO range.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Workday agrees to buy Adaptive Insights, ending IPO plans

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