Thoma Bravo acquires Dayforce

Thoma Bravo, a prominent private equity firm specializing in software investments, has finalized its $12.3 billion acquisition of Dayforce, Inc. The transaction, initially announced on August 21, 2025, received shareholder approval on November 12, 2025. This acquisition removes Dayforce from public trading platforms, as its common stock will no longer be listed on the New York and Toronto stock exchanges.

Under the terms of the deal, Dayforce shareholders will be compensated with $70.00 per share in cash for their holdings. Thoma Bravo aims to leverage Dayforce's position as a leader in the human capital management (HCM) sector, which focuses on improving workplace experiences through artificial intelligence-driven solutions. David Ossip, Dayforce's Chair and CEO, emphasized that Thoma Bravo's financial backing will bolster the company’s ability to expand its operations and enhance customer value through innovation.

Holden Spaht, Managing Partner at Thoma Bravo, noted that the firm's interest in Dayforce is driven by the increasing demand for AI-enhanced HR technologies. Thoma Bravo views Dayforce as a catalyst for future growth in its portfolio, aiming to advance Dayforce's development and market penetration. Partner Tara Gadgil reinforced this vision, highlighting the potential for Dayforce to maintain its leadership in the modern HCM landscape, emphasizing customer relationships and continuous technological advancements.

This acquisition of Dayforce points to a broader trend of heightened competition in the HCM sector. Companies within this space are facing pressure to integrate AI technologies to streamline HR processes and deliver measurable outcomes. Thoma Bravo’s investment in Dayforce underscores the capital influx into AI-driven workforce solutions, challenging competitors to similarly innovate or scale quickly.

Looking ahead, the integration of Dayforce into Thoma Bravo's portfolio will be watched closely for its ability to enhance competitive positioning and drive innovation in the HCM sector. The financial advisors for the transaction included Evercore for Dayforce, with Goldman Sachs and J.P. Morgan representing Thoma Bravo. Legal advisories were provided by Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis LLP, respectively. With regulatory and administrative approvals now resolved, focus shifts to execution and market performance.