Dayforce is the top-performing stock in the S&P 500 on buyout reports

Dayforce rocketed 28% to top Monday’s S&P 500 leaderboard after Bloomberg reported that private equity giant Thoma Bravo is in advanced talks to acquire the HR software provider.

Though the deal has yet to be finalized, Bloomberg reported that people familiar with the matter say an announcement could come in the next few weeks. Still, they caution the process could drag on or attract competing bids.

Dayforce’s rally builds on momentum from earlier this month, when the company posted better-than-expected Q2 results fueled by strong bookings and a record backlog of contracts. That strength comes against a tough backdrop: the company has struggled to sustain sales growth since pandemic-era demand faded.

With today’s pop, Dayforce shares are still down about 5% year to date.