Thoma Bravo is taking Dayforce (DAY) private in a $12.3B deal valuing the company at ~6x NTM EV/Sales - a 30% premium, but still below where peers trade. The purchase price takes advantage of a breakdown in DAY’s historical trading relationship…

… which was driven by a revenue slowdown, as management takes its foot off the gas…

… to focus on profitability, which tends to be when private equity starts circling public software companies.

With Thoma raising nearly $35B for what I can best describe as its “buy old software and slap AI on it” strategy, other Canadian tech names could be in play.