Combination Will Provide Customers with a Continuous Listening Platform to Elevate Employee Engagement
Workday, Inc., a leader in enterprise cloud applications for finance and human resources, and Peakon ApS, an employee success platform that converts feedback into actionable insights, have signed a definitive agreement under which Workday will acquire Peakon in an all-cash transaction. With Peakon, Workday will provide organizations with a continuous listening platform, including real-time visibility into employee experience, sentiment, and productivity, to help drive employee engagement and improve organizational performance.
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Turning Employee Insights into Actionable Plans, Better Experiences
The events of this past year have changed the world of work as business leaders grapple with uncertainty while needing to support employees like never before. These circumstances have forced organizations to rethink HR strategies and continually adapt approaches to engage, support, and retain talent. This includes consistently cultivating a two-way dialogue to hear, understand, and respond to employees.
To meet this moment, Workday and Peakon will come together with a continuous listening platform that will help customers capture real-time employee sentiment, facilitate ongoing feedback, and access personalized, prescriptive recommendations for actions. The combination will merge intelligent technology from Peakon that determines and distributes surveys and information to the right person at the right time, with the comprehensive employee insight in Workday, to help leaders continually discover and respond to evolving employee feelings, needs, and behaviors. For example, customers will be able to gain better insights and understanding on employee belonging, which will help them more confidently and consistently adjust plans to foster an inclusive workplace culture.
Comments on the News
“Peakon is on the cutting edge of helping organizations turn employee insights into more connected teams and stronger organizations,” said Aneel Bhusri, co-founder and co-CEO, Workday. “Bringing Peakon into the Workday family will be very compelling to our customers – especially following an extraordinary past year that has magnified the importance of having a constant pulse on employee sentiment in order to keep people engaged and productive.”
“By joining forces with Workday, we’re able to accelerate our mission to help every employee drive the change they want to see,” said Phil Chambers, co-founder and CEO, Peakon. “We share Workday’s passion for putting people at the center of technology, and together, we’ll be able to provide customers with the employee insights they need to support rapid change and growth.”
“Listening to employees has become one of the most urgent strategies to build agility, responsiveness, and growth,” said Josh Bersin, global industry analyst. “Workday’s acquisition of Peakon will enable Workday customers to deploy a highly targeted and integrated employee listening strategy, addressing a top priority in employee experience today.”
Details Regarding Proposed Acquisition of Peakon
Under the terms of the definitive agreement, Workday will acquire Peakon for consideration of approximately $700 million in cash, subject to adjustments. The transaction is expected to close in the first quarter of Workday’s fiscal year 2022, ending April 30, 2021, subject to the satisfaction of customary closing conditions, including required regulatory approvals.
Orrick and Bech-Bruun are serving as legal advisors to Workday, and Wilson Sonsini Goodrich & Rosati, Osborne Clarke, and Highbridge are serving as legal advisors to Peakon and its shareholders.
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