Mergers & Acquisitions

Dayforce to Go Private in $12.3 Billion Thoma Bravo Buyout

All-cash deal offers shareholders a 32% premium, as the HCM firm partners with the private equity giant to accelerate AI-driven growth.

Dayforce, a global leader in human capital management (HCM) technology, has agreed to be acquired by private equity firm Thoma Bravo in a $12.3 billion all-cash transaction that will take the company private. The deal, announced today, will see Dayforce stockholders receive $70.00 per share, a significant 32% premium over the company's closing share price on August 15, 2025.

The acquisition marks a new chapter for the Minneapolis and Toronto-based firm, which aims to leverage Thoma Bravo's software expertise to solidify its position in the increasingly AI-driven HR technology landscape. The transaction also includes a significant minority investment from a subsidiary of the Abu Dhabi Investment Authority (ADIA).

"With Thoma Bravo, we are partnering with a truly special organization to accelerate our business," said David Ossip, Chair and CEO of Dayforce, in a statement. He emphasized that the partnership would provide the focus and resources needed to leap forward as "the HCM leader for a world of work shaped by AI."

Thoma Bravo, a leading software investor with approximately $184 billion in assets under management, praised Dayforce as a "clear category leader." Holden Spaht, a Managing Partner at the firm, commented, "We see significant opportunity to accelerate growth, deepen customer impact, and continue to drive innovation across the global HCM landscape."

The deal has been approved by Dayforce's Board of Directors, with Lead Independent Director Gerald Throop stating the transaction will provide "immediate and substantial value to Dayforce stockholders."

Upon completion, which is expected in early 2026 subject to stockholder and regulatory approvals, Dayforce will be delisted from the New York and Toronto stock exchanges. The company will continue to operate under its current name and brand. The transaction is not subject to a financing condition, indicating a high degree of certainty for the deal's closure.