HR software firm Dayforce going private for $12.3 billion
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Thoma Bravo has agreed to buy Dayforce, a Minneapolis-based HR software provider, for $12.3 billion.
Why it matters: This comes against the backdrop of a weakening U.S. labor market, which could set the stage for additional HR tech mergers.
Zoom in: Thoma Bravo will pay $70 per share, representing a 32% premium to Dayforce shares before media reports of a possible deal.
- Abu Dhabi Investment Authority will provide a "significant minority investment."
Catch up quick: Dayforce previously was known as Ceridian HCM, and was taken public in 2018 by THL Partners and Fidelity National — which had paid $5.3b to buy the company more than a decade earlier.
The bottom line: Thoma Bravo says this is its largest take-private deal, and the "largest standalone enterprise software deal ever led by a financial sponsor."
