Thoma Bravo is preparing one of its biggest moves of 2025 with plans to acquire Dayforce, the AI-driven HR software provider, in a deal that could exceed $9bn. According to people familiar with the talks, the US private equity group aims to take the Nasdaq- and Toronto-listed company private, with an announcement possible within weeks.
Dayforce stock jumped 22 percent in pre-market trading after the news surfaced, pushing its market value to $8.4bn by Friday’s close. Formerly known as Ceridian HCM, the company has expanded revenue by more than 70 percent between 2021 and 2024. Despite that growth, its shares remain down about 60 percent from their pandemic-era highs, reflecting pressure across the wider enterprise software market as customers trim IT budgets.
Key Points from the Deal:
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Valuation expected to top $9bn including $1.2bn in debt
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Dayforce revenue up 70 percent in three years
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Shares still down 60 percent from Covid peak
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Provides AI-powered payroll, recruitment, and workforce tools
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Clients span healthcare, retail, finance, and hospitality
Dayforce’s total enterprise value surpasses $9bn once debt is factored in. Its cloud-based platform is used globally for payroll, hiring, and career management.
For Thoma Bravo, this would continue a streak of high-profile acquisitions in 2024 and 2025. The firm has already agreed to buy Boeing’s digital aviation business for $10.6bn, acquired restaurant software maker Olo for $2bn, and is exploring a potential bid for Verint Systems.
The interest in Dayforce highlights Thoma Bravo’s strategy of targeting software companies with strong recurring revenues but depressed valuations. If completed, the deal would mark one of the largest take-private transactions in the HR tech sector.
