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Workday, a financial and human resources management software company, is acquiring Peakon, an employee engagement platform, for $700 million in an all-cash deal. The deal is set to close in May. The deal will give Workday a legup in the employee experience market. Peakon’s online platform provides resources for employers to gather employee feedback and creates a plan for employers to deliver a more collaborative work environment. Workday will now have the ability to provide organizations insights into employee experience, sentiment and productivity, through an interactive dashboard that will help drive employee engagement and improve organizational performance. Peakon’s machine learning capabilities create better insights and provide efficient, personalized courses and training on how to convert those insights into actionable steps.