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Workday agrees to buy Adaptive Insights, ending IPO plans

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

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.