Workday announced it has reached an agreement to buy Adaptive Insights, a cloud-based business planning platform, for about $1.55 billion. The announcement comes less than a month after Adaptive announced it had filed for an initial public offering.

Workday said the deal includes the assumption of approximately $150 million in unvested equity issued to Adaptive Insights employees related to the prospective IPO.

Workday offers cloud-based human resources and other back-office applications for businesses.

“Joining forces with Workday accelerates our vision to drive holistic business planning and digital transformation for our customers,” Adaptive Insights Chief Executive Tom Bogan said in a statement.

Tom Bogan, Adaptive Insights Data integration

“Adaptive Insights is an industry leader with its business planning cloud platform, and together with Workday, we will help customers accelerate their finance transformation in the cloud,” Aneel Bhusri, co-founder and CEO of Workday, stated.

Bogan will continue to head Adaptive and will report to Bhusri.

CFO named Adaptive Insights one of 20 “tech companies to watch” for 2018 in its April/May issue.

Under terms set less than two weeks ago, the Adaptive Insights IPO would have raised up to $117.3 million and valued the company at $672.1 million, according to a report from MarketWatch.

“The market opportunity here is huge as the CFO has become a power player in the C-suite,” Bogan told TechCrunch in 2015.

Prior to the deal, Adaptive had raised $175 million in private funding.

The deal would likely be Workday’s largest acquisition to-date.

Last week, Workday announced it was buying Rallyteam as part of a push to improve its machine-learning initiatives. Terms of that deal were not disclosed.

Workday expects to fund the Adaptive transaction with cash on its balance sheet.The transaction is expected to close in the third quarter of Workday’s fiscal year 2019, ending October 31, 2018.

Workday went public in 2012. It has a market cap of nearly $27 billion, and its shares are up about 20% this year.