Dayforce Inc. today announced that it has agreed to be acquired by private equity firm Thoma Bravo for $12.3 billion.

HR software provider Dayforce said on Thursday it would go private in a $12.3 billion deal with Thoma Bravo, as the buyout firm looks to beef up its software portfolio.

Dayforce, an HR software firm, is negotiating its acquisition by Thoma Bravo at $70 per share, amounting to a deal valued at $11.18 billion. This acquisition reflects the growing trend of private equity investments in software firms as they harness AI potential to drive growth and adapt to economic uncertainties.