Silver Lake talks to acquire Workday, valuation up to $43B
Private equity firm Silver Lake is in talks to acquire Workday for up to $43 billion,
Private equity firm Silver Lake is in talks to acquire Workday (NASDAQ: WDAY ) for up to $43 billion, a transaction that would rank among the largest-ever buyouts in the software sector.
The two sides have been in contact over the past few months, Silver Lake may enlist other backers to help fund the purchase, which would stand out as one of the firm’s largest tech wagers, sources added.
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Following the announcement, shares of the stock rose 16% to $204.64 per share.
Former PeopleSoft executives Aneel Bhusri and David Duffield founded the company in 2005.
Its shares were listed in 2012.
Known for selling cloud tools spanning HR, payroll, finance, spending and planning, WorkDay boasts more than 11,500 customers worldwide, including Netflix, U.S.
Bank, Johns Hopkins University and Thomson Reuters.
Bhusri resumed the CEO role in February and is "focused on leading in the rapidly evolving AI era," according to a press release at the time.
Carl Eschenbach stepped down as CEO and as a member of the board after leading Workday through a period defined by global growth, an expanded industry focus, and strengthened operational discipline, the company noted.
Silver Lake Technology Management is a global private equity firm focused on technology and technology-enabled investments.
The firm has approximately $114 billion in combined assets under management and committed capital, according to its website.
Earlier this year, Silver Lake made a 15% investment in social media platform TikTok, in a consortium including MGX Fund Management Limited, and Oracle.
Last year, Silver Lake partnered with Saudi Arabia’s Public Investment Fund and Affinity Partners on a take-private of Electronic Arts valued at roughly $55 billion.
The deal closed earlier this month, the private equity firm revealed.
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