Workday , the cloud-based platform that offers HR and other back-office apps for businesses, is making an acquisition to expand its portfolio of services: it’s buying Adaptive Insights , a provider of cloud-based business planning and financial modelling tools, for $1.55 billion . The acquisition is notable because Adaptive Insights had filed for an IPO as recently as May 17. Workday says that the $1.55 billion price tag includes “the assumption of approximately $150 million in unvested equity issued to Adaptive Insights employees” related to that IPO. This deal is expected to close in Q3 of this year. IPO filings are known to sometimes trigger M&A. Most recently, PayPal announced it would acquire iZettle just after the latter filed to go public. Skype was acquired by Microsoft in 2011 while it was waiting to IPO after previous owner eBay said it would spin it off. Workday itself went public in 2012 and currently has a market cap of nearly $27 billion. The deal will give Workday another string to its bow, in its attempt to become the go-to place for all for back-office services for its business customers: the company plans to integrate Adaptive Insights’ tools into its existing platform. “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,” said Aneel Bhusri, Co-Founder and CEO, Workday, in a statement. “I am excited to welcome the Adaptive Insights team to Workday and look forward to coming together to continue delivering industry-leading products that equip finance organizations to make even faster, better business decisions to adapt to change and to drive growth.” The two have been working together as partners since 2015 . In the case Adaptive Insights, which says it has ‘thousands’ of customers, its growth mirrors that both of cloud services and specifically about how business intelligence has developed into a distinct software category of its own over the years, with not just the CFO but an army of in-house analysts relying on analytics of a business’ data to help make small and big decisions. “The market opportunity here is huge as the CFO has become a power player in the C-Suite,” CEO Tom Bogan told TechCrunch when it raised $75 million in 2015 , when it first passed the billion-dollar mark for its valuation. Bogan previously also held a role as chairman of Citrix.