Thoma Bravo Closes $12.3B Dayforce Buyout, Delisting Looms
Event summary
- Thoma Bravo completed its $12.3B acquisition of Dayforce on February 4, 2026, paying $70.00 per share in cash.
- Dayforce's stock will be delisted from the NYSE and TSX following the transaction.
- The deal was approved by Dayforce stockholders on November 12, 2025, after being announced August 21, 2025.
- Thoma Bravo manages $181B in assets as of September 30, 2025, with over 565 software investments.
The big picture
Thoma Bravo's acquisition of Dayforce represents the largest private equity buyout in the HR tech sector, reflecting growing demand for AI-driven workforce management solutions. The deal underscores private equity's appetite for scaling enterprise software platforms, particularly in high-growth verticals like human capital management. With $181B in AUM, Thoma Bravo's acquisition strategy focuses on leveraging operational expertise to drive post-acquisition growth.
What we're watching
- Integration Strategy
- How Thoma Bravo will leverage its software expertise to scale Dayforce's AI-powered HCM platform.
- Market Consolidation
- Whether this deal accelerates private equity consolidation in the HR tech sector.
- Customer Impact
- The pace at which Dayforce can maintain service quality during the transition to private ownership.
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