Dayforce Inc., a human resources software firm that succeeded in one of the largest Minnesota public offerings, could be going private again.
A Bloomberg News report, citing sources close to the negotiations, says the private equity firm Thoma Bravo is in discussions to buy the Bloomington-based company.
News of the discussions sent the stock of Dayforce soaring Monday, with its largest one-day gain since the company went public. Shares closed at $66.62 a share, up 26%. Even with the bump, though, they are still down 8% year-to-date.
The company, which also has executive offices in Toronto, increased annual revenue by more than $1 billion since 2018 as companies have modernized human resource software systems. Earnings have been more inconsistent, with the company losing money in three of the last five years.
Last year, Dayforce earned $18.1 million, or 11 cents a share, down 67% from the prior year. Revenue grew 16% to $1.8 billion.
With about $1.2 billion in debt, Dayforce has an enterprise value of more than $11 billion, according to data compiled by Bloomberg.