Adaptive Insights, which provides cloud-based software for financial planning, withdrew its plans for an initial public offering on Friday. It had set terms in June 2018 to raise $115 million at a valuation of $705 million; two days before its scheduled IPO, it was acquired by Workday for $1.55 billion.
The Palo Alto, CA-based company was founded in 2003 and booked $114 million in sales for the 12 months ended April 30, 2018. It had planned to list on the NYSE under the symbol ADIN. Morgan Stanley, BofA Merrill Lynch, Jefferies and RBC Capital Markets were set to be the joint bookrunners on the deal.
