Private equity firm Thoma Bravo is reportedly in advanced negotiations to acquire Dayforce, a Nasdaq- and TSX-listed provider of human capital management (HCM) software, in a potential take-private transaction, according to a report by Bloomberg citing sources familiar with the matter.
The Minneapolis-headquartered company, formerly known as Ceridian HCM Holding, is said to be valued at approximately $8.4bn, with an enterprise value exceeding $9bn including debt. A formal announcement could come within weeks, though deal talks remain subject to change, and competing interest from other potential bidders has not been ruled out.
Dayforce shares surged as much as 22% in pre-market trading following initial reports of the talks. The company has faced persistent public market headwinds in recent years, underperforming peers in the broader HR/payroll software segment despite continued investment in AI-driven workforce and payroll tools.
The prospective deal would mark another significant software acquisition for Thoma Bravo in 2025. The Chicago- and San Francisco-based buyout group, led by Orlando Bravo, remains one of the sector’s most active investors despite broader macroeconomic constraints facing private capital deployment.
Recent transactions include the $10.6bn acquisition of Boeing’s digital aviation assets and a $2bn deal for restaurant technology firm Olo. The firm has also been linked to a potential buyout of customer engagement software provider Verint Systems.
Founded as Ceridian, Dayforce rebranded in 2024 to reflect its growing focus on end-to-end HCM solutions. Its client base spans healthcare, retail, financial services, and hospitality. The company carries approximately $1.2bn in debt.
