Workday announced that it’s acquiring employee feedback platform Peakon for $700 million in cash. 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.

Workday and Peakon will come together with a continuous listening platform for customers to capture real-time employee sentiment, facilitate ongoing feedback, and access personalized, prescriptive recommendations for actions. The combination will merge 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 discover and respond to evolving employee feelings, needs, and behaviors.  

“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,” said Aneel Bhusri, Co-founder and Co-CEO, Workday.

“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.  

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.