A deal would see the private-equity firm pay $70 a share for the human-resources software company, a 7% premium to Tuesday’s closing price.

Dayforce carries debt of around $1.2 billion, according to data compiled by Bloomberg. The company said in Wednesday’s statement that there can be no assurances a deal will be reached with Thoma Bravo. Dayforce’s shares also trade on the Toronto Stock Exchange.

HR software firm Dayforce said on Wednesday it was in advanced discussions to be acquired by Thoma Bravo for $70 per share, as private equity firms look to software as growth drivers in an uncertain economy.