HR software firm Dayforce said on Wednesday it was in advanced discussions to be acquired by Thoma Bravo for $70 per share, as private equity firms look to software as growth drivers in an uncertain economy.

Dayforce carries debt of around $1.2 billion, according to data compiled by Bloomberg. The company said in Wednesday’s statement that there can be no assurances a deal will be reached with Thoma Bravo. Dayforce’s shares also trade on the Toronto Stock Exchange.

Dayforce, an HR software firm, is negotiating its acquisition by Thoma Bravo at $70 per share, amounting to a deal valued at $11.18 billion. This acquisition reflects the growing trend of private equity investments in software firms as they harness AI potential to drive growth and adapt to economic uncertainties.