The digital adoption platform provider WalkMe is being acquired by SAP for $1.5 billion on Wednesday.

At $14 per share, SAP is offering a premium of almost 45% over WalkMe's Tuesday closing price of $9.64.

WalkMe was established in 2011 in Israel with the goal of making online navigation easier by offering real-time, on-screen assistance. The company moved its headquarters to San Francisco and focused on improving its platform. They started creating applications for businesses and individuals, like helping new employees and guiding users through new features.

This was displayed as little balloon overlays or even as on-screen instructions in an attempt to convert free users into paying customers. The business intended to automate a process that, if carried out manually with just human support, would require a significant amount of resources.

WalkMe offers insights into end-user behavior and provides additional tools and information at critical moments when users are likely to quit an application.

SAP sees value in providing its own enterprise customers with this emphasis on automating contextual, in-app support.

About $300 million was raised by WalkMe before its 2021 IPO. WalkMe's worth decreased significantly from its previous appraisal of over $2 billion to just over $600 million in less than a year during the pandemic, from $2.8 billion in September 2021 to just over $600 million. This year, the market value of the company went from $800 million to $900 million. However, its shares increased by 25% in just two weeks following the announcement of huge earnings last month.