Workday said Thursday that it has signed a deal to acquire Denmark-based Peakon, makers of an employee engagement platform, for $700 million in cash.
With Peakon, Workday said it's aiming to provide businesses with real-time visibility into employee experience, sentiment and productivity, with the goal of driving employee engagement and improving organizational performance.
The need for this type of technology has increased during the COVID-19 era, Workday posits, as remote work and distributed teams made it more difficult for companies to connect with and listen to employees.
According to Workday, adding Peakon's software to the Workday platform will create "a continuous listening platform" across the entire employee lifecycle, from recruitment to exit.
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," the company said in a press release.
"Peakon is on the cutting edge of helping organizations turn employee insights into more connected teams and stronger organizations," said Workday CEO Aneel Bhusri. "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."
The deal is expected to close in the first quarter of Workday's fiscal year 2022, which ends April 30.
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