Silver Lake eyes Workday take-private

Follow the money: Workday was valued at $43 billion before yesterday's Reuters report. Shares jumped 18% on the report, closing at $206.45 and roughly flat year to date.

• The company's stock was down in early trading this morning.

Behind the scenes: Conversations have been ongoing for months, per Reuters, and Silver Lake could ​bring in additional investors to finance the deal.

• The sponsor teamed up with Saudi Arabia's Public Investment Fund and Affinity Partners for its roughly $55 billion ​take-private of video-game maker Electronic Arts last year.

Context: Thoma Bravo agreed to a $16 billion acquisition of Workday rival Dayforce earlier this year.

The bottom line: "The potential deal indicates Silver Lake believes large systems of record are less vulnerable to AI disruption, given they're ingrained in enterprises, hard to replicate, and can leverage data for AI initiatives." — Chris Metinko, Axios Pro Deals