HR and finance software provider Workday has acquired Denmark-based SaaS company and ’employee success platform’ provider Peakon for roughly $700 million in cash.

Workday said that with Peakon, it will “provide organizations with a continuous listening platform, including real-time visibility into employee experience, sentiment, and productivity”, in an effort to help drive employee engagement and improve organisational performance in a world that has been profoundly changed by the coronavirus pandemic.

“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 of Workday.

Originally launched back in 2016, Peakon was backed by the likes of Atomico, EQT Ventures, IDInvest Partners, Balderton Capital, and Sunstone/Heartcore, raising about $68 million along the way.

The deal 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.

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