Thoma Bravo to take HR software provider Dayforce private for $12.3B

Dayforce Inc. today announced that it has agreed to be acquired by private equity firm Thoma Bravo for $12.3 billion.

The deal values the human resources software provider at $70 per share. That’s 32% higher than its closing price on Friday, the last trading day before a Bloomberg report revealed an acquisition was in the works. The all-cash transaction, which includes a “significant minority investment” from a subsidiary of the Abu Dhabi Investment Authority, is set to close in early 2026.

Dayforce operated under the name Ceridian until last year. It provides a cloud-based platform that HR teams use to perform their day-to-day work. Over the past few years, Dayforce has updated the software with artificial intelligence features that automate tasks such as answering employee questions.

The company’s platform comprises several modules that each focus on a different set of HR use cases. Those modules are powered by a shared database that stores employee records. According to Dayforce, the fact that all the platform’s modules share the same records removes the need to create a separate copy for each one, which reduces the risk of data errors.

One of the platform’s modules is designed to speed up payroll management tasks. For employees, it provides an app known as the Dayforce Wallet that can be used to hold and withdraw earnings. There’s also a payment card that offers access to a network of fee-free ATMs.

For recruiters, Dayforce provides tools that make it possible to identify skill gaps in a company’s workforce and create job postings. Enterprises can set up a candidate portal that uses AI to recommend relevant openings for applicants. Another automation feature, Dayforce AI Assistant, speeds up the process of extending offers to prospective hires.

The company’s platform also promises to ease other workforce management tasks. According to Dayforce, customers can build an employee homepage that displays content personalized to specific roles. Another platform module makes it possible to create worker training programs and track course popularity.

In June, Dayforce disclosed that its platform is used by more than 6,900 organizations. Those customers generated $464.7 million in revenue for the company during the second quarter, a 9.8% increase from the same time a year earlier. 

“We see significant opportunity to accelerate growth, deepen customer impact and continue to drive innovation across the global HCM landscape,” said Thoma Bravo Managing Partner Holden Spaht.

The deal marks one of the largest acquisitions in the HR technology market since Ultimate Software Group Inc. was taken private for $11 billion in 2019. The following year, the investor consortium that bought the software maker merged it with rival Kronos Inc. The company that emerged from the deal, UKG Inc., was valued at $22 billion at the time of its launch.

Image: Dayforce

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