Dayforce in advanced talks for $70-per-share buyout by Thoma Bravo
Dayforce's shares rose more than 3 per cent before the bell.
The offer represents a premium of 32.4 per cent based on the stock's closing price on August 15, before the talks were first reported, and a deal value of $11.18-billion, according to Reuters calculations.
If finalized, the deal will mark another private equity buyout of a software firm, with Thoma Bravo betting on the build-out of artificial-intelligence software and the resilience of recurring revenue in an economy pressured by trade tariffs and erratic spending.
The human capital management market has undergone significant consolidation, with big players buying up smaller firms to bolster their products and grab market share amid signs of a deteriorating labor market.
Paychex announced its acquisition of rival Paycor for $4.1-billion at the start of the year, while Automatic Data Processing acquired WorkForce Software last year for around $1.2-billion.
Dayforce said there could be no assurances of whether an agreement for a transaction would be reached.
The company, which provides human capital management and payroll services through its software platform, has seen its stock lose more than 9 per cent of its value so far this year, underperforming peers.
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