Workday's HR, financial, and analytics software will be integrated with Salesforce's products, and Salesforce will intergrate Workday's apps with its various offerings, including its Chatter enterprise social networking platform (set to be the primary UI for Salesforce's apps). The companies already had a deal to include Chatter features in Workday apps.
Among other things, the companies claim the deal will allow Force.com app platform users to build apps using Workday data, and Workday app users to directly import Salesforce data.
Workday announced the availability of its long-expected analytics product just last week. The product is part of a broader software update (known as Workday 20) that includes new HR/financial templates and an iPad app for execs known as Notebooks.
Workday also announced plans to build Student, a solution for colleges the company asserts will "[transform] the way colleges manage their students."