Canadian-led human resources (HR) management software company Dayforce is set to be acquired and taken private by US private equity giant Thoma Bravo for $12.3 billion USD ($17 billion CAD).
The deal was confirmed just a day after Dayforce announced acquisition discussions with Thoma Bravo. The acquisition will be an all-cash transaction offering Dayforce shareholders $70 USD per share, a 32 percent premium over the company’s closing share price on Aug. 15, just before Bloomberg first reported the talks.
Subject to shareholder and regulatory approvals, the transaction includes a significant minority investment from a subsidiary of the Abu Dhabi Investment Authority. The acquisition is expected to be finalized in early 2026, with Dayforce continuing under its current name and brand.
Dayforce is led by Toronto tech entrepreneur David Ossip.
Formerly known as Ceridian, Dayforce has bases in both Toronto and Minneapolis, Minn. It was founded in 2009 by CEO David Ossip, who previously sold Canadian HR software firm Workbrain to US-based Infor for $227 million CAD in 2007. A Dayforce spokesperson confirmed that Ossip will continue leading the company after the acquisition.
Ceridian acquired Dayforce in 2012, with Ossip taking on the role of chair and CEO of the merged entity. Since then, he has revitalized the company.
Dayforce has been the flagship product, offering payroll, HR, benefits, talent, and workforce management solutions through a single platform. Ceridian went public on the TSX and NYSE in 2018. In 2023, it acquired Toronto-based talent intelligence startup Ideal, enhancing its AI capabilities, and rebranded to Dayforce last year.
Currently, Dayforce has over 9,500 employees and nearly 7,000 customers, with more than 1,500 staff located in Canada.
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Thoma Bravo’s acquisition of Dayforce continues a trend of tech privatization deals, similar to other Canadian firms like Copperleaf Technologies, Magnet Forensics (also taken private by Thoma Bravo), Nuvei, and Softchoice.
In the US, the HR software sector has seen consolidation with Paychex buying competitor Paycor for $4.2 billion USD and Automatic Data Processing acquiring WorkForce Software for $1.2 billion in late 2024. Dayforce competes with these firms and others like Gusto, Rippling, and Workday.
In Q2, Dayforce exceeded analyst expectations and raised its forecast for the year. The company earned nearly $465 million USD in total revenue, up nine percent year-over-year, and posted a net income of more than $21 million, an improvement from the $1.8 million loss in Q2 2024.
UPDATE (08/21/2025): Updated to include deal details following Dayforce’s confirmation of advanced talks with Thoma Bravo.
Feature image courtesy Dayforce.