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Thoma Bravo Considers $11 Billion Buyout of Dayforce

By  |  August 18, 2025

Thoma Bravo is in advanced discussions to acquire human resources software company Dayforce, according to Bloomberg, citing people familiar with the matter. The private equity firm is weighing a deal that could see the Minneapolis-based company taken private as soon as the coming weeks.

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    Dayforce shares surged on the news, climbing as much as 28% Monday in their steepest intraday rally in more than seven years. By mid-morning in New York, the stock was up about 25%, valuing the company at roughly $10.6 billion. The shares also trade on the Toronto Stock Exchange.

    While talks are progressing, Bloomberg reported that the process could still face delays or collapse, and other suitors could step in. Representatives for both Thoma Bravo and Dayforce did not immediately respond to requests for comment.

    Dayforce, previously known as Ceridian HCM Holding Inc., has struggled in public markets despite revenue growth of more than 70% since 2021. According to Bloomberg, the company’s shares had lost around 60% of their value from their 2021 highs before Monday’s rally. Analysts at Jefferies Financial Group wrote in a client note that they “would not be surprised if DAY chose to sell given the lack of appreciation for the stock in the public markets,” adding that its performance has lagged peers in the HR and payroll software sector.

    Related: Thoma Bravo to Acquire Restaurant Tech Firm Olo in $2 Billion Deal

    The company, which debuted on public markets in 2018, provides cloud-based and AI-driven tools for payroll, recruiting, and employee management. Its clients span industries including health care, retail, hospitality and financial services. Bloomberg data shows Dayforce carries about $1.2 billion in debt, bringing its enterprise value above $11 billion.

    Thoma Bravo, led by co-founder Orlando Bravo, has remained one of the most active buyers in private equity this year despite a slower deal environment. In April, it agreed to buy Boeing’s flight navigation unit and related digital businesses for $10.6 billion, and in July it struck a $2 billion agreement to purchase restaurant software company Olo Inc. The firm has also explored a possible acquisition of Verint Systems Inc., per Bloomberg.

    The potential Dayforce deal comes amid increased consolidation in the human capital management space. Over the past year, Paychex acquired Paycor HCM, while Automatic Data Processing picked up WorkForce Software.

    Source: Bloomberg