Silver Lake in talks to acquire Workday for $70 billion

Private equity giant Silver Lake is in preliminary discussions to acquire Workday Inc., a provider of enterprise cloud applications for finance and human resources, according to sources familiar with the matter.

The potential deal, which could value Workday at approximately $70 billion, would represent one of the largest private equity buyouts in recent years if completed. The valuation remains subject to negotiation, and no definitive agreement has been reached, the sources said.

Workday, which went public in 2012, has grown into a market leader in cloud-based financial management and human capital management software, serving large corporations and mid-sized businesses globally. Its shares have gained roughly 15% year-to-date, outperforming broader software sector benchmarks.

Silver Lake, known for its investments in technology and software companies, has not publicly commented on the talks. The firm has a history of large-scale acquisitions, including its 2021 purchase of Dell Technologies’ VMware stake and prior investments in companies such as Dell, Avast, and SolarWinds.

Analysts noted that a deal at this scale would likely require significant financing, potentially involving debt markets and additional equity partners. The acquisition would also face regulatory scrutiny, particularly in the U.S. and Europe, given Workday’s global customer base and data-handling operations.

Workday’s board has not been formally approached, and discussions remain exploratory at this stage. The company declined to comment on the reports.

A transaction, if pursued, could reshape the enterprise software landscape and reinforce Silver Lake’s position as a major player in technology-focused private equity.