Enterprise software giant SAP is acquiring “digital adoption” platform provider WalkMe in an all-cash transaction worth $1.5 billion.

WalkMe’s Nasdaq closing price yesterday was $9.64, with SAP’s $14 offer representing a premium of 45%.

Founded in 2011, companies use WalkMe’s software to integrate on-screen product walkthroughs into their software, for instance to guide users through new features or to on-board new employees. This might include little balloon overlays, or even on-screen prompts to try and convert free users into paying customers. It’s all about automating a process that would otherwise be a resource-intensive endeavor with human help alone.

WalkMe had raised around $300 million ahead of 2021 IPO, but like many companies during the pandemic period, its valuation has plummeted in the intervening years, going from a peak of $2.8 billion in September 2021 to a little more than $600 million within a year. The company’s valuation has hovered at around the $800-$900 million mark this year.

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