Dayforce, a leader in human capital management (HCM) technology, has agreed to become a privately held company in an all-cash deal valued at $12.3 billion with Thoma Bravo, a renowned software investment firm.
Under this agreement, Dayforce stockholders will receive $70 per share in cash. This price is 32% higher than Dayforce’s closing share price on August 15, 2025, the last trading day before the announcement of the deal. The agreement also includes a significant investment from a subsidiary of the Abu Dhabi Investment Authority (ADIA).
The Dayforce Board of Directors has approved this transaction, which is expected to close in early 2026. This closing is contingent upon obtaining the usual approvals from Dayforce stockholders and regulatory authorities. The deal does not depend on financing.
After the deal is finalized, Dayforce’s stock will no longer be traded on public stock exchanges. The company will continue to use the Dayforce name and brand.
Advisors: Evercore is serving as the exclusive financial advisor to Dayforce and Wachtell, Lipton, Rosen & Katz is serving as the company’s legal advisor. Goldman Sachs is providing the financing for the transaction. Goldman Sachs and J.P. Morgan Securities are serving as financial advisors to Thoma Bravo, and Kirkland & Ellis is serving as its legal counsel.
KEY QUOTES:
“Dayforce has always stood for a bold promise: to make work life better. 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. With Thoma Bravo, we are partnering with a truly special organization to accelerate our business – with our focus, resources, and product innovation all laser-pointed on leaping forward as the HCM leader for a world of work shaped by AI.”
David Ossip, Chair and CEO of Dayforce
“The Board of Directors believes this transaction will provide immediate and substantial value to Dayforce stockholders and recognizes the valuable organization that the team has built.”
Gerald Throop, Lead Independent Director of Dayforce
“We are thrilled to be investing in Dayforce, a clear category leader that is poised to define the future of HCM in the age of AI. 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. We see significant opportunity to accelerate growth, deepen customer impact, and continue to drive innovation across the global HCM landscape.”
Holden Spaht, a Managing Partner at Thoma Bravo
“Dayforce has built an exceptional business by pairing relentless innovation with a deep commitment to its customers. This combination has fueled strong growth and established Dayforce as a partner of choice in HCM. 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.”
Tara Gadgil, a Partner at Thoma Bravo
