Private equity firm Thoma Bravo is nearing a deal to acquire HR software company Dayforce, a source familiar with the matter told Reuters on Monday.

Shares of Dayforce DAY-N , which has seen its stock lose more than 27 per cent of its value so far this year, were up about 29 per cent in late-afternoon trading. Dayforce had a market value of US$8.44-billion as of Friday’s closing price.

Dayforce offers a cloud-based human capital management platform that includes payroll, workforce management, benefits, talent management, compliance and analytics.

Thoma Bravo has been actively pursuing software acquisitions this year, betting on the build-out of artificial intelligence and the resilience of recurring revenue in a volatile economy.

A deal could be announced as early as this week or pos

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