Who Owns Dayforce Company?

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Who is acquiring Dayforce?

Dayforce, Inc., a prominent human capital management technology provider, is set to be acquired by Thoma Bravo, a leading private equity firm. This all-cash transaction is valued at $12.3 billion and was announced on August 21, 2025. This move signifies a major shift in Dayforce's ownership structure.

The acquisition by Thoma Bravo marks a new era for Dayforce, a company with a rich history dating back to its founding as Ceridian Corporation in 1992. Its evolution into a comprehensive cloud-based HCM platform underscores a commitment to simplifying and improving workforce management.

Who owns Dayforce now? Following the acquisition announcement, Dayforce will transition from public ownership to being privately held by Thoma Bravo. This change in ownership will influence its strategic direction and operational accountability.

Dayforce's journey includes its origins as part of Control Data Corporation, its spin-off, a period as a public entity, and now its return to private ownership. The company reported total revenue of $481.8 million in Q1 2025 and served 6,929 organizations as of March 31, 2025, with 7.6 million employees using its platform by the end of 2024. Understanding its ownership history provides context for its current market position and future trajectory, including insights from a Dayforce PESTEL Analysis.

The ownership journey of Dayforce is intrinsically linked to its predecessor, Ceridian Corporation. Ceridian, established in 1992 as an independent entity spun off from Control Data Corporation, formed the initial foundation. A significant transition occurred in 2007 when Ceridian was acquired for US$5.3 billion by affiliates of Thomas H. Lee Partners, L.P. and Fidelity National Financial, which later evolved into Cannae Holdings, Inc., taking the company private.

Ceridian's Origins

Ceridian Corporation was formally established in 1992 as an independent entity. It was a spin-off from Control Data Corporation (CDC), utilizing CDC's existing infrastructure and client base.

Private Equity Acquisition

In 2007, Ceridian underwent a major ownership change. It was acquired for US$5.3 billion by co-investors of Thomas H. Lee Partners, L.P. and Fidelity National Financial.

Dayforce Platform's Genesis

The Dayforce platform was independently founded by David Ossip. His vision was to create a unified cloud-based HCM solution to address market fragmentation.

Integration and Leadership

Ceridian completed the acquisition of Dayforce Corporation in March 2012. David Ossip was appointed CEO of Ceridian HCM in February 2013, highlighting the platform's strategic importance.

Strategic Shift

The acquisition and subsequent leadership appointment of David Ossip marked a critical phase. This period saw the Dayforce founder's vision significantly influence the company's strategic direction and product development.

Early Ownership Landscape

While specific individual founder equity splits for the original Ceridian are not publicly detailed, the initial funding came from its spin-off. The 2007 acquisition by private equity firms represented a significant shift in control and ownership structure.

The foundational ownership structure of Dayforce traces back to its predecessor, Ceridian Corporation, which was formally established in 1992 as an independent entity spun off from Control Data Corporation (CDC), leveraging CDC's existing infrastructure and client base. While specific individual founder equity splits for the original Ceridian are not publicly detailed, the company's initial funding stemmed from this spin-off. A significant shift in Ceridian's ownership occurred in 2007 when it was acquired for US$5.3 billion by affiliates and co-investors of Thomas H. Lee Partners, L.P. (THL Partners) and Fidelity National Financial (FNF), which later became Cannae Holdings, Inc., taking the company private.

Key Ownership Milestones

The ownership of the company that now operates under the Dayforce brand has evolved significantly. Key events include its initial spin-off and subsequent private equity acquisition, leading to the integration of the Dayforce platform.

• Ceridian Corporation spun off from Control Data Corporation in 1992.
• In 2007, Ceridian was acquired for US$5.3 billion by private equity investors.
• The Dayforce platform was independently founded by David Ossip.
• Ceridian acquired Dayforce Corporation in March 2012.
• David Ossip became CEO of Ceridian HCM in February 2013.

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Dayforce's ownership journey includes a significant transition from private equity to public trading. Following its privatization in 2007, the company, then known as Ceridian HCM Holding Inc., successfully re-entered the public market via an Initial Public Offering (IPO) on April 26, 2018. This event marked a new era for Dayforce ownership, allowing for broader investment and strategic expansion.

The company officially rebranded to Dayforce on February 1, 2024, adopting the ticker symbol DAY across major stock exchanges. This rebranding solidified its identity as a unified platform. The IPO in 2018, which raised $462 million in gross proceeds, was a pivotal moment, with initial post-IPO ownership showing Thomas H. Lee Partners holding 52.5% and Cannae Holdings at 33.1%. These shifts have enabled Dayforce to invest heavily in its cloud HCM platform and expand its global presence, demonstrating a clear strategy for growth driven by its ownership structure.

Key Dayforce Ownership Details

Understanding Dayforce ownership reveals a mix of institutional and insider stakes. The company's transition to the Dayforce brand in 2024 marked a significant step in its corporate identity.

• Dayforce is a publicly traded company, meaning it is owned by its shareholders.
• Major institutional investors include Capital Research and Management Company and T. Rowe Price Group.
• Cannae Holdings Inc. is a significant insider shareholder, holding a substantial portion of the company's stock.
• David D. Ossip, the CEO, also holds a direct ownership stake, aligning management interests with shareholders.
• The IPO in 2018 was a key event that reshaped the Dayforce company structure and ownership.
• For a deeper dive into the market, explore the Competitors Landscape of Dayforce.

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As of the 2025 Annual Meeting of Stockholders on May 2, 2025, Dayforce, Inc.'s Board of Directors consists of nine members. David D. Ossip serves as Chairman and CEO, with Gerald C. Throop as Lead Independent Director. The board includes individuals with significant financial and industry expertise, ensuring diverse perspectives in governance.

Dayforce operates under a standard voting structure for publicly traded entities on the NYSE and TSX, adhering to a one-share-one-vote principle for its common stock. There is no indication of dual-class shares or special voting rights that would concentrate control beyond proportional ownership. The company's governance appears stable, with stockholders approving director elections, executive compensation, and the appointment of KPMG LLP as the auditor for 2025 at the recent annual meeting. This stability precedes the recent acquisition announcement, with no reported proxy battles or significant activist investor activity.

Understanding Dayforce Ownership and Voting Power

Dayforce's ownership structure is primarily determined by its common stock, with voting power generally aligned with shareholdings. Understanding who owns Dayforce involves looking at institutional investors and public float.

• The company follows a one-share-one-vote principle.
• No dual-class shares or special voting rights are publicly disclosed.
• Major shareholders are typically institutional investors.
• The board of directors oversees company strategy and governance.
• For a deeper dive into the company's journey, explore the Brief History of Dayforce.

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Over the past few years, Dayforce's ownership landscape has seen significant shifts, culminating in a major move towards privatization. These changes reflect broader industry trends and strategic decisions aimed at enhancing the company's growth trajectory.

The proposed acquisition by Thoma Bravo, a prominent software investment firm, marks a pivotal moment for Dayforce. This all-cash transaction, valued at US$12.3 billion, includes a substantial minority investment from a subsidiary of the Abu Dhabi Investment Authority (ADIA). The deal represents a 32% premium over the company's unaffected share price prior to the announcement, highlighting the strategic value Thoma Bravo sees in Dayforce. This privatization trend is notable as private equity firms increasingly target established software companies to foster growth away from the pressures of public market scrutiny. This move will transition Dayforce from a publicly traded entity to a privately held company, potentially allowing for a more focused approach to long-term strategic initiatives.

Privatization Rationale

The acquisition by Thoma Bravo is expected to accelerate Dayforce's growth by providing strategic flexibility. This allows for a focus on long-term objectives without the constraints of quarterly public reporting.

Shareholder Value Enhancement

The transaction offers a significant premium to shareholders, reflecting the company's market position. Dayforce's prior share repurchase activities also signaled a commitment to returning capital to its investors.

Management and Governance

With David Ossip leading as Chairman & CEO since November 2023, the management team is in place to guide the company through this transition. The privatization will alter the Target Market of Dayforce and its stakeholder dynamics.

Institutional Investor Influence

Leading up to the privatization, institutional investors held substantial stakes in Dayforce, indicating significant interest from major financial entities. This trend underscores the company's appeal within the investment community.

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