ADIA Backs Thoma Bravo in Acquiring Dayforce

Dayforce Inc, a global leader in human capital management (HCM) technology, has announced that it has entered into a definitive agreement with Thoma Bravo, a leading software investment firm, to become a privately held company in an all-cash transaction with an enterprise value of $12.3 billion. 

The transaction includes a significant minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). It was not clear how much ADIA has invested for the small stake.

Under the terms of the agreement, Dayforce stockholders will receive $70 per share in cash. The per share purchase price represents a premium of 32% over the company’s unaffected closing share price on 15 August 2025, the last trading day prior to media reports regarding a potential transaction.

David Ossip, Chair and CEO of Dayforce, said that his company has always stood for a bold promise: to make work life better. As one of the world’s leading enterprise software investors, Thoma Bravo’s commitment amplifies this promise as they partner to grow the business, increase quantifiable value for customers, and further secure their position in AI as a generational software company.

“With Thoma Bravo, we are partnering with a truly special organisation 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,” Ossip said.

Holden Spaht, a Managing Partner at Thoma Bravo said that 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.

Tara Gadgil, a Partner at Thoma Bravo, also said that Dayforce has built an exceptional business by pairing relentless innovation with a deep commitment to its customers.

“This combination has fuelled strong growth and established Dayforce as a partner of choice in HCM. We are excited to build on this strong foundation and momentum alongside them, helping them to move faster, think bigger, and unlock even more market and product potential,” Tara added.

Transaction Details

The transaction is expected to close in early 2026, subject to customary closing conditions, including approval by Dayforce stockholders and the receipt of required regulatory approvals. The transaction is not subject to a financing condition.

Upon completion of the transaction, Dayforce’s common stock will no longer be listed on any public stock exchange. The Company will continue to operate under the Dayforce name and brand.

ADIA’s Previous Deals

In the past, ADIA has finalised its acquisition of a minority stake in US data analytics firm Qlik for $1 billion, where Thoma Bravo remains the majority shareholder. ADIA has also joined hands with a consortium of companies including asset managers BlackStone and Vista last year to acquire software provider Smartsheet for $8.4 billion.