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.

The $12 billion take-private deal of the human-resources software company comes after the stock had already lost more than a quarter of its value this year.

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