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.

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.

That human resources software company, now known as Dayforce Inc. DAY-T -1.61% , appears to be headed back into the private realm after confirming Wednesday it was in advanced discussions to be acquired by private equity giant Thoma Bravo for US$70 per share, valuing the company at more than US$11-billion.