Dayforce has been acquired by private equity firm Thoma Bravo for US$12.3 billion in an all-cash transaction that will take the human capital management software company private.
Under the deal announced Thursday, Dayforce stockholders will receive US$70 per share in cash, according to the company. The price represents a 32 per cent premium over Dayforce’s closing share price on Aug. 15, the last trading day before media reports about a potential transaction emerged.
The transaction includes a significant minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority, Dayforce said.
Deal timeline and approvals
The transaction received approval from Dayforce’s board of directors and is expected to close in early 2026, subject to stockholder approval and regulatory clearances, according to the company. The deal does not require financing conditions.
Upon completion, Dayforce’s common stock will no longer trade on public exchanges, but the company will continue operating under the Dayforce name and brand, the Minneapolis and Toronto-based firm said.
Leadership statements
“Dayforce has always stood for a bold promise: to make work life better,” said David Ossip, chair and CEO of Dayforce. “As one of the world’s leading enterprise software investors, Thoma Bravo’s commitment amplifies this promise as we partner to grow our business, increase quantifiable value for customers, and further secure our position in AI as a generational software company.”
Gerald Throop, Dayforce’s lead independent director, said the board believes the transaction will provide immediate and substantial value to stockholders, according to the announcement.
Thoma Bravo’s perspective
Holden Spaht, a managing partner at Thoma Bravo, called Dayforce a clear category leader positioned to define the future of human capital management in the age of artificial intelligence. “Dayforce’s differentiated platform, global scale, and world-class team make it well-positioned to meet the growing and evolving needs of employers and employees around the world,” he said.
Tara Gadgil, a partner at Thoma Bravo, said Dayforce built an exceptional business by combining innovation with customer commitment. “We are excited to build on this strong foundation and momentum alongside them, helping them to move faster, think bigger, and unlock even more market and product potential,” she said.
Company background
Dayforce operates as a global leader in human capital management technology, serving thousands of customers and millions of employees worldwide with its AI-powered platform for HR, payroll, time tracking, talent management, and analytics, according to the company.
Thoma Bravo manages approximately US$184 billion in assets as of March 31, 2025, focusing on software and technology investments, the firm said. Over the past 20 years, Thoma Bravo has acquired or invested in approximately 535 companies representing about US$275 billion in enterprise value.
