Dayforce said that it has received an overwhelmingly positive stockholder vote for a proposed US$12.3 billion ($18.8 billion) buyout of the HR software provider by Thoma Bravo, a month after its largest shareholder said it would vote against the deal.
The preliminary results of a special meeting showed that about 88.4 percent of votes were in favour of the Thoma Bravo deal.
The software sector has emerged as an investment target due to resilient subscription services and recurring revenue in an economy weighed down by a deteriorating labour market, trade tariffs and erratic spending.
T. Rowe Price Associates, with a 15.7 percent stake in Dayforce, had in October said it would vote against the transaction, calling the offer "underwhelming" and an attempt to take advantage of "short-term pessimism" in the sector.
Thoma Bravo had agreed to buy Dayforce in August to strengthen its software portfolio as the private equity firm bets on recurring revenue business models to weather an uncertain economic environment.
The deal is expected to close late this year or early 2026.
Dayforce shareholders will receive US$70 per share in cash, under the terms of the merger.
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