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Thoma Bravo Acquires Dayforce in $12.3 Billion Deal

Private equity firm Thoma Bravo has agreed to acquire Dayforce, a leading provider of human capital management software, in a $12.3 billion all-cash transaction. The deal includes a minority investment from the Abu Dhabi Investment Authority (ADIA).

Under the terms of the agreement, Dayforce shareholders will receive $70 per share. This represents a 32% premium to the company's unaffected share price before reports of the transaction.

The acquisition of Dayforce is one of the year's largest private equity-backed technology deals. However, Bain Capital, which initially invested in Dayforce in 2013, could not find a registered buyer for the company due to market uncertainties and valuation disagreements. Goldman Sachs has been hired to advise on a potential sale by Bain Capital. Additional offers are being awaited before making a decision regarding the sale.

Meanwhile, Bain Capital has received bids to take luxury apparel maker Canada Goose private, valuing the company at approximately $1.4 billion. The private equity firm initially invested in Canada Goose in 2013, and the company is currently listed in both Toronto and New York. As of now, Thoma Bravo has not been mentioned in the context of investing in Canada Goose, and the deal for Dayforce is not related to the potential sale of Canada Goose.

Warburg Pincus, another prominent private equity firm, has also been active in the market. The company has set a record for realisations in the first half of 2025, completing about $42 billion in realisations since 2022. Warburg Pincus has returned nearly $10 billion to investors in the first half of 2025 and has invested around $25 billion over the same period.

The current market capitalization of Canada Goose, as shown by LSEG data, is $1.18 billion. The current market capitalization of Dayforce is not provided in the article.

It's an exciting time for the technology and private equity sectors, with significant deals like the acquisition of Dayforce by Thoma Bravo shaping the landscape. As these transactions continue to unfold, it will be interesting to see how they impact the companies involved and the broader market.