Investment company Thoma Bravo is taking Dayforce off the stock market for $12.3 billion. Dayforce specializes in human capital management.
Thoma Bravo is buying each share for $70, which is 32 percent more than shareholders would have received on the stock market on August 15.
HCM is (also) targeting AI
As with any other major tech acquisition, AI plays a major role in the announcement of the deal. Dayforce positions itself as a “generational software company” with AI at its core. CEO David Ossip sees the agreement with Thoma Bravo as an important accelerator for this: “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.”
Holden Spaht, managing partner at Thoma Bravo, emphasizes the strategic opportunities: “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.”
Strategic acquisition
The Canadian-American company Dayforce is therefore being taken off the stock market under the leadership of Thoma Bravo. In addition to the total acquisition price of $12.3 billion, a subsidiary of the Abu Dhabi Investment Authority is participating in the deal as a significant minority shareholder.
For Thoma Bravo, this acquisition fits perfectly into its existing field of activity, although the emphasis in recent years has been on security players. The firm has a proven track record in tech acquisitions, with Barracuda Networks (formerly), Sophos, Proofpoint, and, since last year, Darktrace in its portfolio.
Proven expertise
“Dayforce has built an exceptional business by pairing relentless innovation with a deep commitment to its customers,” said Tara Gadgil, partner at Thoma Bravo. The focus is on accelerating growth and deepening customer impact within the HCM landscape.
The transaction is subject to shareholder and regulatory approval. An exact completion date has not yet been announced, but both parties expect to close the deal shortly.