Dayforce (NYSE:DAY) shares gained 2.7% Wednesday morning after the human capital management company confirmed it is in “advanced discussions” with private equity firm Thoma Bravo about a potential buyout.

Dayforce is in advanced acquisition talks with Thoma Bravo, offering $70 per share. The proposed $11.18 billion deal signifies another private equity buyout amid market consolidation, with firms like Thoma Bravo investing in recurring revenue software platforms as economic conditions remain uncertain.

One of the nation's largest private equity firms is in talks to acquire Dayforce Inc., the Twin Cities developer of human resources software, in what would likely be a multibillion-dollar deal.