Private equity giant Thoma Bravo has agreed to acquire Dayforce in a deal valued at $11.18bn ($12.3bn including debt), according to a report by Reuters citing a company statement issued by the human capital management software provider on Wednesday.
The proposed $70 per share offer represents a 32.4% premium to Dayforce’s share price prior to first reports of talks over a deal on 15 August.
The transaction marks the latest in a series of private equity-led buyouts of enterprise software firms, as sponsors continue to pursue recurring revenue businesses with growth potential in AI and automation.
The human capital management sector has seen a wave of consolidation in recent years. Paychex’s $4.1bn acquisition of Paycor earlier this year and ADP’s $1.2bn takeover of WorkForce Software in 2024 reflect intensifying competition for market share.
Dayforce, whose stock is down more than 9% year-to-date, has underperformed peers amid uncertainty in the labour market and broader macroeconomic pressures. The company emphasised there is no guarantee a deal will be finalised.
