Private equity firm Thoma Bravo has agreed to buy human resources software provider Dayforce for $12.3 billion, including debt, in a take-private deal that executives hope will help expand on the company's AI capabilities.

Under the tender offer agreement, Thoma Bravo will acquire all shares of Dayforce Inc. (NYSE:DAY) at a price of $70.

Dayforce has agreed to be acquired by private-equity firm Thoma Bravo in a deal that values the provider of human-resources software at around $11.2 billion.