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.

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.