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Fly News Breaks for June 11, 2018
WDAY
Jun 11, 2018 | 14:53 EDT
MUFG analyst Stephen Bersey notes that Workday announced plans to acquire all outstanding shares of Adaptive Insights for $1.55B, including $150M in unvested equity issued to Adaptive employees. This is the first major acquisition by Workday and the analyst believes that the acquisition should bolster its nascent Planning offering which is part of its Financial products suite. Bersey recommends looking at the acquisition over the longer-term, and reiterates an Overweight rating and $145 price target on Workday's shares.
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