{ "schema_version": "v2", "vertical": "hr_media", "side": "sell", "layout_id": "hr_media_sell_v1", "layout_hints": { "hero_component": "three_asset_split", "empty_state": "asset_unavailable", "language_frame": "seller_perspective" }, "generated_at": "2026-04-09T05:19:28.154661+00:00", "generator": "traced_buyer_run_v2", "_pipeline_version": "v2.0.0-br4", "_llm_provenance": { "primary": "claude", "fallback_allowed": false }, "llm_model_used": "claude", "buyer_name": "ceridian", "buyer_slug": "ceridian", "buyer_type": "unknown", "buyer_tier": 2, "buyer_city": null, "buyer_state": null, "buyer_country": "USA", "logo_domain": null, "ticker": null, "fit_score": null, "financial_data": { "market_cap": null, "stock_price": null, "ttm_revenue": 347900000.0, "ttm_ebitda": null, "valuation_range": { "low": 40000000.0, "high": 54000000.0, "most_likely": 40000000.0, "unit": "USD", "confidence": "disputed", "observation_count": 4, "outliers_dropped": 9, "source_urls": [ "https://www.prnewswire.com/news-releases/fnfv-announces-474-million-additional-capital-investment-in-ceridian-300241539.html", "https://www.prnewswire.com/news-releases/cerby-raises-40m-series-b-to-automate-identity-security-at-scale-302466010.html", "https://www.cerby.com/about-us/newsroom/cerby-extends-series-b", "https://www.investor.fnf.com/news-releases/news-release-details/fnfv-announces-474-million-additional-capital-investment" ], "methodology_note": "Tier 2 PE-backed. Sponsors: unknown. Valuation sourced from public press releases and major financial press via Exa.ai. No LLM in extraction path — regex + heuristic context classification only." }, "confidence_by_field": { "market_cap": "missing", "stock_price": "missing", "ttm_revenue": "low", "ttm_ebitda": "missing" }, "source_url_by_field": { "ttm_revenue": "https://www.sec.gov/Archives/edgar/data/1725057/000095017025014155/day-ex99_1.htm" }, "as_of": null, "data_source": "private_scraper", "confidence": "low", "pe_clock": { "buyer_type": "pe_backed", "sponsors": [], "notes": "", "take_private_date": null, "disclosed_ev_usd": null, "disclosed_ev_source": null }, "employee_count_approx": { "value": null, "confidence": "disputed", "sources": [ "https://growjo.com/company/Ceridian", "https://prospeo.io/c/ceridian-revenue" ], "_suppressed_by_renderer": "disputed" }, "source_urls": [ "https://www.sec.gov/Archives/edgar/data/1725057/000095017025014155/day-ex99_1.htm" ], "_credit_rating": "B-", "_credit_rating_agency": "S&P", "_credit_rating_source": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486", "_credit_rating_source_tier": "A", "_leverage_ratio_from_rating": null, "_leverage_ratio_source": null, "_ratings_confidence": "high", "_all_ratings_observed": [ { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486", "source_tier": "A", "context_snippet": "Research Update: Ceridian HCM Holding Inc. 'B-' Rating Placed On CreditWatch Positive On Potential IPO And Debt Repayment; New Debt Rated - 2018/03/26 - S&P Global Ratings’ Credit Research\n*" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486", "source_tier": "A", "context_snippet": "|my cart\n* |login\nHome  Credit Ratings and Research  S&P Global Ratings’ Credit Research  Ceridian HCM Holding Inc.\nResearch Update: Ceridian HCM Holding Inc. '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486", "source_tier": "A", "context_snippet": "lding Inc. 'B-' Rating Placed On CreditWatch Positive On Potential IPO And Debt Repayment; New Debt Rated - S&P Global Ratings’ Credit Research\n# Research Update: Ceridian HCM Holding Inc. '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486", "source_tier": "A", "context_snippet": "redit Research\n# Research Update: Ceridian HCM Holding Inc. 'B-' Rating Placed On CreditWatch Positive On Potential IPO And Debt Repayment; New Debt Rated\n\nResearch Update: Ceridian HCM Holding Inc. '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486", "source_tier": "A", "context_snippet": "Holding Inc. 'B-' Rating Placed On CreditWatch Positive On Potential IPO And Debt Repayment; New Debt Rated - S&P Global Ratings’ Credit Research\nResearch Update: Ceridian HCM Holding Inc. '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486", "source_tier": "A", "context_snippet": "t:|\nCeridian HCM Holding Inc. plans an IPO, the proceeds of which we expect will be used for debt repayment. As a result, we believe leverage will decline significantly. We are therefore placing our '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486", "source_tier": "A", "context_snippet": "dian on CreditWatch with positive implications. At the same time, the company is refinancing its first-lien debt outstanding with a proposed US$680 million first-lien term loan; we are assigning our '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486", "source_tier": "A", "context_snippet": "he proposed loan. We plan to resolve the CreditWatch placement on completion of these transactions, which we expect to occur within the next 90 days. On March 26, 2018, S&P Global Ratings placed its '" } ] }, "financials": { "data_source": "private_scraper", "confidence": "low", "market_cap": null, "market_cap_unit": null, "stock_price": null, "ttm_revenue": 347900000.0, "revenue_unit": null, "ttm_ebitda": null, "valuation_range": { "low": 40000000.0, "high": 54000000.0, "most_likely": 40000000.0, "unit": "USD", "confidence": "disputed", "observation_count": 4, "outliers_dropped": 9, "source_urls": [ "https://www.prnewswire.com/news-releases/fnfv-announces-474-million-additional-capital-investment-in-ceridian-300241539.html", "https://www.prnewswire.com/news-releases/cerby-raises-40m-series-b-to-automate-identity-security-at-scale-302466010.html", "https://www.cerby.com/about-us/newsroom/cerby-extends-series-b", "https://www.investor.fnf.com/news-releases/news-release-details/fnfv-announces-474-million-additional-capital-investment" ], "methodology_note": "Tier 2 PE-backed. Sponsors: unknown. Valuation sourced from public press releases and major financial press via Exa.ai. No LLM in extraction path — regex + heuristic context classification only." }, "as_of_date": null, "source_urls": [ "https://www.sec.gov/Archives/edgar/data/1725057/000095017025014155/day-ex99_1.htm" ] }, "three_asset_split": { "asset_a_domain": { "fit_score": null, "fit_rationale": null, "valuation_range": { "low": 15000000, "high": 20000000, "point_estimate": null, "unit": "USD", "methodology_note": "Seller-provided broker range for two-letter .com", "confidence": "low", "source_urls": [] }, "valuation_methodology": "broker_comps_two_letter_com", "integration_complexity": null, "deal_killer": null, "timing_window": null, "approach_path": null, "confidence": "low", "source_urls": [] }, "asset_b_media": { "fit_score": null, "fit_rationale": null, "valuation_range": { "low": 9000000, "high": 45000000, "point_estimate": null, "unit": "USD", "methodology_note": "Source: 2022 HR.com process range, per Debbie 2026-03-23", "confidence": "low", "source_urls": [] }, "valuation_methodology": "insufficient_data", "integration_complexity": null, "deal_killer": null, "timing_window": null, "approach_path": null, "confidence": "low", "source_urls": [] }, "asset_c_platform": { "fit_score": null, "fit_rationale": null, "valuation_range": { "low": null, "high": null, "point_estimate": null, "unit": "USD", "methodology_note": "No buyer evidence provided", "confidence": "low", "source_urls": [] }, "valuation_methodology": "insufficient_data", "integration_complexity": null, "deal_killer": null, "timing_window": null, "approach_path": null, "confidence": "low", "source_urls": [] } }, "golden_nuggets": [], "sections": { "deal_killer": { "section_id": "deal_killer", "applicable": false, "reason": "insufficient_multi_phrase_evidence", "primary_killer": null, "explanation": null, "evidence_quotes": [], "confidence": "missing", "source_urls": [], "_renderer_warnings": [ "deal_killer: no defensible killer found in corpus or financial data; returning applicable=False with reason=insufficient_multi_phrase_evidence." ] }, "competitive_moat": { "section_id": "competitive_moat", "applicable": true, "reason": null, "moat_type": "scale", "strength": "moderate", "observed_moat_signals": [ { "type": "scale", "matched_phrases": [ "market share" ], "excerpt": "Ceridian Receives Additional Capital Investment | 2017\nContact SalesHelp CenterLogin\nCanada (English)\n\nWhy DayforceHow We HelpWho We ServeWho We AreResources\n\nGet started\n\n\n* Why Dayforce\n* How We Hel", "source": "https://www.dayforce.com/ca/who-we-are/newsroom/ceridian-receives-additional-capital-investment-as-dayforce-success-accelerates" }, { "type": "scale", "matched_phrases": [ "economies of scale" ], "excerpt": "Barriers to entry in Ceridian's markets are high, the result of developed niche market positions, economies of scale, and long-term customer relationships.", "source": "https://www.reuters.com/article/business/sp-keeps-ceridian-extended-term-ln-b-at-b-rtg-after-add-on-idUSWLA1728/" } ], "evidence_quotes": [ { "speaker": "ceridian (corpus source)", "text": "Ceridian Receives Additional Capital Investment | 2017\nContact SalesHelp CenterLogin\nCanada (English)\n\nWhy DayforceHow We HelpWho We ServeWho We AreResources\n\nGet started\n\n\n* Why Dayforce\n* How We Help\n* Who We Serve\n* Who We Are\n* Resources\nContact SalesHelp Center\nLogin\n\nGet started\n\nCanada (English)\nPRESS RELEASES\n# Ceridian Receives Additional Capital Investment As Dayforce Success Accelerates\nHigher Win-rates & New Customer Orders Driving Market Share Gains\nMedia Inquiries\nFor all media inquiries, contact us atmediainquiries@dayforce.com\nContact us\nMinneapolis, MN\nMarch 30, 2017\nCerid", "source_url": "https://www.dayforce.com/ca/who-we-are/newsroom/ceridian-receives-additional-capital-investment-as-dayforce-success-accelerates", "verified": true, "verified_reason": "high", "moat_type": "scale", "matched_phrases": [ "market share" ] }, { "speaker": "ceridian (corpus source)", "text": "Barriers to entry in Ceridian's markets are high, the result of developed niche market positions, economies of scale, and long-term customer relationships.", "source_url": "https://www.reuters.com/article/business/sp-keeps-ceridian-extended-term-ln-b-at-b-rtg-after-add-on-idUSWLA1728/", "verified": true, "verified_reason": "high", "moat_type": "scale", "matched_phrases": [ "economies of scale" ] } ], "confidence": "medium", "source_urls": [ "https://www.reuters.com/article/business/sp-keeps-ceridian-extended-term-ln-b-at-b-rtg-after-add-on-idUSWLA1728/", "https://www.dayforce.com/ca/who-we-are/newsroom/ceridian-receives-additional-capital-investment-as-dayforce-success-accelerates" ], "_renderer_warnings": [] }, "integration_post_mortem": { "section_id": "integration_post_mortem", "applicable": true, "prior_deals": [ { "name": "ceridian acquisition (2024)", "year": 2024, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "ceridian acquisition record", "text": "cloud-native Dayforce platform. CEO David Ossip built the Dayforce platform from scratch after acquiring Dayforce (the workforce management product, originally a Canadian startup) for Ceridian in 2012 and deploying it as Ceridian's cloud HCM replacement for the legacy mainframe payroll system — maki", "source_url": "https://geo.sig.ai/brands/dayforce", "verified": true, "verified_reason": "high" } ] }, { "name": "ceridian acquisition (2021)", "year": 2021, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "ceridian acquisition record", "text": "accurate, efficient, and fair talent decisions.\nTo further extend our compliance advantage, we acquired substantially all of the assets of DataFuZion. This\nHCM technology includes specific features for certified payroll reporting, prevailing wage rate calculations,\nincentive payments, union rate cal", "source_url": "https://s203.q4cdn.com/998886067/files/doc_financials/2021/ar/Ceridian-HCM-Holding-Inc.-2021-Annual-Report-(Final).pdf", "verified": true, "verified_reason": "high" } ] }, { "name": "ceridian acquisition (year unknown)", "year": null, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "ceridian acquisition record", "text": "com/article/business/ceridian-agrees-to-be-bought-for-5-3-bln-idUSL31156432/]\nCeridian agrees to be bought for $5.3 bln | Reuters\nSkip to main content\nExclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv\n\n\nMy News\nRegister\n# Ceridian agrees to be bought for ", "source_url": "https://www.reuters.com/article/business/ceridian-agrees-to-be-bought-for-5-3-bln-idUSL31156432/", "verified": true, "verified_reason": "high" } ] }, { "name": "ceridian acquisition (2007)", "year": 2007, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "ceridian acquisition record", "text": "to partner with THL Partners, a leading investment firm with a proven track record of success in acquiring and \nbuilding companies, and FNF, one of the nation's leading providers of title insurance, specialty insurance and claims \nmanagement services to large corporate and public sector entities,\" s", "source_url": "https://www.investor.fnf.com/static-files/0ca4d97b-f458-4b3a-8571-c7824e185309", "verified": true, "verified_reason": "high" } ] }, { "name": "ceridian acquisition (2012)", "year": 2012, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "ceridian acquisition record", "text": "February 2011 investment in Dayforce’s award-winning HCM platform.\n\nRead More.\n\nSterling Partners Acquires MOSAID Technologies for $590 MillionDeals and Transactions, Industry News\n\nVirtustream Completes Acquisition of EnomalyDeals and Transactions", "source_url": "https://www.lwlaw.com/ceridian-announces-agreement-to-acquire-dayforce/", "verified": true, "verified_reason": "high" } ] }, { "name": "ceridian acquisition (2011)", "year": 2011, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "ceridian acquisition record", "text": "MOSAID Technologies for $590 MillionDeals and Transactions, Industry News\n\nVirtustream Completes Acquisition of EnomalyDeals and Transactions", "source_url": "https://www.lwlaw.com/ceridian-announces-agreement-to-acquire-dayforce/", "verified": true, "verified_reason": "high" } ] }, { "name": "ceridian acquisition (1992)", "year": 1992, "outcome": "troubled", "outcome_signals": [ "troubled:restructuring" ], "evidence_quotes": [] }, { "name": "ceridian acquisition (2013)", "year": 2013, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "ceridian acquisition record", "text": "Ceridian went public in an initial offering that raised over $400 million. In September 2019, it acquired Australia-based enterprise HR software company Riteq.\nOn March 1, 2021, almost a year after acquiring an Asian HCM (Excelity Global Solutions), Ceridian completed the acquisition of Ascender HCM", "source_url": "https://en.wikipedia.org/wiki/Dayforce", "verified": true, "verified_reason": "high" } ] }, { "name": "ceridian acquisition (2018)", "year": 2018, "outcome": "troubled", "outcome_signals": [ "troubled:rebrand" ], "evidence_quotes": [ { "speaker": "ceridian acquisition record", "text": "almost a year after acquiring an Asian HCM (Excelity Global Solutions), Ceridian completed the acquisition of Ascender HCM. On December 3, the firm acquired the US-based ADAM Human Capital Management which was a leading provider of payroll and HCM software and services for 33 countries in the Latin ", "source_url": "https://en.wikipedia.org/wiki/Dayforce", "verified": true, "verified_reason": "high" } ] }, { "name": "ceridian acquisition (2019)", "year": 2019, "outcome": "troubled", "outcome_signals": [ "troubled:rebrand" ], "evidence_quotes": [ { "speaker": "ceridian acquisition record", "text": "countries in the Latin American, Brazilian, and Caribbean markets.\nOn January 1, 2024, Ceridian acquired Eloomi, a Danish learning and development (L&D) platform that combines a learning management system (LMS) and performance management into a single, all-in-one solution. On February 1, Ceridia", "source_url": "https://en.wikipedia.org/wiki/Dayforce", "verified": true, "verified_reason": "high" } ] }, { "name": "ceridian acquisition (2019)", "year": 2019, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "ceridian acquisition record", "text": "any/newsroom/2019/global-hcm-leader-ceridian-acquires-assets-of-clearview-logix-and-paysa]\nCeridian Acquires Assets of Clearview Logix and Paysa --\n\nPRESS RELEASES\n\n# Global HCM Leader Ceridian Acquires Assets of Clearview Logix and Paysa\n\nCeridian makes work life even better for employers and their", "source_url": "https://www.ceridian.com/company/newsroom/2019/global-hcm-leader-ceridian-acquires-assets-of-clearview-logix-and-paysa", "verified": true, "verified_reason": "high" } ] } ], "integration_pattern": "troubled", "bandwidth_exhaustion_risk": "low", "explanation": "Found 11 prior adjacent acquisition reference(s) for ceridian in the source corpus. Evidence suggests at least one acquisition faced public friction, lawsuits, executive departures, or missed milestones.", "evidence_quotes": [ { "speaker": "ceridian acquisition record", "text": "cloud-native Dayforce platform. CEO David Ossip built the Dayforce platform from scratch after acquiring Dayforce (the workforce management product, originally a Canadian startup) for Ceridian in 2012 and deploying it as Ceridian's cloud HCM replacement for the legacy mainframe payroll system — maki", "source_url": "https://geo.sig.ai/brands/dayforce", "verified": true, "verified_reason": "high" }, { "speaker": "ceridian acquisition record", "text": "accurate, efficient, and fair talent decisions.\nTo further extend our compliance advantage, we acquired substantially all of the assets of DataFuZion. This\nHCM technology includes specific features for certified payroll reporting, prevailing wage rate calculations,\nincentive payments, union rate cal", "source_url": "https://s203.q4cdn.com/998886067/files/doc_financials/2021/ar/Ceridian-HCM-Holding-Inc.-2021-Annual-Report-(Final).pdf", "verified": true, "verified_reason": "high" }, { "speaker": "ceridian acquisition record", "text": "com/article/business/ceridian-agrees-to-be-bought-for-5-3-bln-idUSL31156432/]\nCeridian agrees to be bought for $5.3 bln | Reuters\nSkip to main content\nExclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv\n\n\nMy News\nRegister\n# Ceridian agrees to be bought for ", "source_url": "https://www.reuters.com/article/business/ceridian-agrees-to-be-bought-for-5-3-bln-idUSL31156432/", "verified": true, "verified_reason": "high" }, { "speaker": "ceridian acquisition record", "text": "to partner with THL Partners, a leading investment firm with a proven track record of success in acquiring and \nbuilding companies, and FNF, one of the nation's leading providers of title insurance, specialty insurance and claims \nmanagement services to large corporate and public sector entities,\" s", "source_url": "https://www.investor.fnf.com/static-files/0ca4d97b-f458-4b3a-8571-c7824e185309", "verified": true, "verified_reason": "high" }, { "speaker": "ceridian acquisition record", "text": "February 2011 investment in Dayforce’s award-winning HCM platform.\n\nRead More.\n\nSterling Partners Acquires MOSAID Technologies for $590 MillionDeals and Transactions, Industry News\n\nVirtustream Completes Acquisition of EnomalyDeals and Transactions", "source_url": "https://www.lwlaw.com/ceridian-announces-agreement-to-acquire-dayforce/", "verified": true, "verified_reason": "high" }, { "speaker": "ceridian acquisition record", "text": "MOSAID Technologies for $590 MillionDeals and Transactions, Industry News\n\nVirtustream Completes Acquisition of EnomalyDeals and Transactions", "source_url": "https://www.lwlaw.com/ceridian-announces-agreement-to-acquire-dayforce/", "verified": true, "verified_reason": "high" }, { "speaker": "ceridian acquisition record", "text": "Ceridian went public in an initial offering that raised over $400 million. In September 2019, it acquired Australia-based enterprise HR software company Riteq.\nOn March 1, 2021, almost a year after acquiring an Asian HCM (Excelity Global Solutions), Ceridian completed the acquisition of Ascender HCM", "source_url": "https://en.wikipedia.org/wiki/Dayforce", "verified": true, "verified_reason": "high" }, { "speaker": "ceridian acquisition record", "text": "almost a year after acquiring an Asian HCM (Excelity Global Solutions), Ceridian completed the acquisition of Ascender HCM. On December 3, the firm acquired the US-based ADAM Human Capital Management which was a leading provider of payroll and HCM software and services for 33 countries in the Latin ", "source_url": "https://en.wikipedia.org/wiki/Dayforce", "verified": true, "verified_reason": "high" }, { "speaker": "ceridian acquisition record", "text": "countries in the Latin American, Brazilian, and Caribbean markets.\nOn January 1, 2024, Ceridian acquired Eloomi, a Danish learning and development (L&D) platform that combines a learning management system (LMS) and performance management into a single, all-in-one solution. On February 1, Ceridia", "source_url": "https://en.wikipedia.org/wiki/Dayforce", "verified": true, "verified_reason": "high" }, { "speaker": "ceridian acquisition record", "text": "any/newsroom/2019/global-hcm-leader-ceridian-acquires-assets-of-clearview-logix-and-paysa]\nCeridian Acquires Assets of Clearview Logix and Paysa --\n\nPRESS RELEASES\n\n# Global HCM Leader Ceridian Acquires Assets of Clearview Logix and Paysa\n\nCeridian makes work life even better for employers and their", "source_url": "https://www.ceridian.com/company/newsroom/2019/global-hcm-leader-ceridian-acquires-assets-of-clearview-logix-and-paysa", "verified": true, "verified_reason": "high" } ], "confidence": "medium", "source_urls": [ "https://en.wikipedia.org/wiki/Dayforce", "https://geo.sig.ai/brands/dayforce", "https://s203.q4cdn.com/998886067/files/doc_financials/2021/ar/Ceridian-HCM-Holding-Inc.-2021-Annual-Report-(Final).pdf", "https://www.ceridian.com/company/newsroom/2019/global-hcm-leader-ceridian-acquires-assets-of-clearview-logix-and-paysa", "https://www.investor.fnf.com/static-files/0ca4d97b-f458-4b3a-8571-c7824e185309", "https://www.lwlaw.com/ceridian-announces-agreement-to-acquire-dayforce/", "https://www.reuters.com/article/business/ceridian-agrees-to-be-bought-for-5-3-bln-idUSL31156432/" ], "_renderer_warnings": [], "hr_adjacent_count": 11, "hr_adjacent_deals": [ { "name": "ceridian acquisition (2024)", "year": 2024 }, { "name": "ceridian acquisition (2021)", "year": 2021 }, { "name": "ceridian acquisition (year unknown)", "year": null }, { "name": "ceridian acquisition (2007)", "year": 2007 }, { "name": "ceridian acquisition (2012)", "year": 2012 }, { "name": "ceridian acquisition (2011)", "year": 2011 }, { "name": "ceridian acquisition (1992)", "year": 1992 }, { "name": "ceridian acquisition (2013)", "year": 2013 }, { "name": "ceridian acquisition (2018)", "year": 2018 }, { "name": "ceridian acquisition (2019)", "year": 2019 }, { "name": "ceridian acquisition (2019)", "year": 2019 } ] }, "advertiser_cannibalization": { "section_id": "advertiser_cannibalization", "applicable": true, "cannibalization_risk": "high", "overlapping_advertisers": [ "ADP", "G-P", "ERIN" ], "explanation": "ceridian corpus mentions 3 known HR.com advertiser(s): ADP, G-P, ERIN. An acquisition would mean the buyer is purchasing a media property where they (or their portfolio companies) actively advertise, creating cannibalization risk: post-close, those ad budgets would flow internally rather than generating third-party revenue for the combined entity.", "evidence_quotes": [ { "speaker": "ADP mention in buyer source corpus", "text": "record\" architecture: unlike legacy HCM systems (SAP HCM, Oracle HCM Cloud, ADP Workforce Now) where payroll, time & attendance, benefits, and talent management are separate systems integrated throug", "source_url": "https://geo.sig.ai/brands/dayforce", "verified": true, "verified_reason": "high" }, { "speaker": "G-P mention in buyer source corpus", "text": "ore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486]\nResearch Update: Ceridian HCM", "source_url": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486", "verified": true, "verified_reason": "high" }, { "speaker": "ERIN mention in buyer source corpus", "text": "employees across 17 departments.\n\nDepartments\n\nNumber of employees\n\nEngineering & Technical\n\n571\n\nHuman Resources\n\n465\n\nConsulting\n\n365\n\nShow all departments\n\nSee all employees\n\n## Funding Data\n\nExp", "source_url": "https://prospeo.io/c/ceridian-revenue", "verified": true, "verified_reason": "high" } ], "confidence": "high", "source_urls": [ "https://geo.sig.ai/brands/dayforce", "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486", "https://prospeo.io/c/ceridian-revenue" ], "_renderer_warnings": [] }, "pe_clock_ipo_window": { "section_id": "pe_clock_ipo_window", "applicable": true, "reason": null, "status": "pe_owned", "pe_firm": "Thoma Bravo (lead), Veritas Capital", "years_into_hold": 0, "typical_hold_years": 5, "urgency": "low", "ipo_window": null, "explanation": "ceridian is PE-owned by Thoma Bravo (lead), Veritas Capital. Entry date 2026-02-04; approximately 0 year(s) into hold. Typical hold for this fund type: 5 years. Fund is well within typical hold period — no near-term exit pressure. Projected exit window: 2030-2032.", "evidence_quotes": [ { "speaker": "ceridian PE/IPO signal from source corpus", "text": "ease-details/2025/Dayforce-Enters-into-US12-3-Billion-Definitive-Agreement-with-Thoma-Bravo-to-Become-a-Private-Company/default.aspx]\nDayforce has been acquired by Thoma Bravo, Dayforce\n\n## Dayforce has be", "source_url": "https://investors.dayforce.com/news-and-events/press-releases/press-release-details/2025/Dayforce-Enters-into-US12-3-Billion-Definitive-Agreement-with-Thoma-Bravo-to-Become-a-Private-Company/default.aspx", "verified": true, "verified_reason": "high" }, { "speaker": "ceridian PE/IPO signal from source corpus", "text": "Total Raised\n\n$150M\n\n## Investors Count\n\n4\n\n## Deal Terms\n\n3\n\n## Portfolio Exits\n\n2\n\n## Investments\n\n1\n\n## Funding, Valuation & Revenue\n\n4 Fundings\n\nDayforce has raised $150M over 4 rounds.\n\nDayforce", "source_url": "https://www.cbinsights.com/company/ceridian-corporation/financials", "verified": true, "verified_reason": "high" }, { "speaker": "ceridian PE/IPO signal from source corpus", "text": "company has 2619 active competitors, including 141 funded and 151 that have exited. Its top competitors include companies like Workday, People Strong and Kronos.\n\n### Company Details\n\nDeveloper of a c", "source_url": "http://tracxn.com/d/companies/ceridian/__CB4id3I2wdGu9jDFLpfY0_6icBUzYDsMfwS8SLI816U", "verified": true, "verified_reason": "high" } ], "confidence": "low", "source_urls": [ "https://www.thomabravo.com/press-releases/thoma-bravo-completes-acquisition-of-dayforce", "https://www.globenewswire.com/news-release/2025/08/21/3137003/0/en/dayforce-enters-into-us-12-3-billion-definitive-agreement-with-thoma-bravo-to-become-a-private-company.html", "https://privatecapitaljournal.com/thoma-bravo-to-take-dayforce-private-for-us-12-3b/", "https://www.alternativeswatch.com/2026/02/04/dayforce-returns-to-pe-ownership-in-12-3bn-thoma-bravo-deal/" ], "_renderer_warnings": [] }, "employee_retention_post_acquisition": { "section_id": "employee_retention_post_acquisition", "applicable": true, "reason": null, "risk_assessment": "unknown", "observed_post_acquisition_patterns": [], "evidence_quotes": [], "hrcom_tenure_concern": "Employees with 20-30 year tenure. Debbie wants them protected post-sale.", "confidence": "low", "source_urls": [], "_renderer_warnings": [ "employee_retention: no retention signals found in corpus for this buyer. Absence of signal is not evidence of retention — it may mean the corpus simply doesn't cover post-acquisition employee treatment for this buyer." ] }, "balance_sheet_financials": { "section_id": "balance_sheet_financials", "applicable": true, "reason": null, "cash_and_equivalents": null, "total_debt": null, "longterm_debt": null, "net_debt": null, "net_debt_interpretation": "unknown", "leverage_ratio_net_debt_to_ebitda": null, "leverage_health": "unknown", "acquisition_capacity_vs_hrcom": "unknown", "ebit_ttm": null, "ebit_as_ebitda_proxy": false, "credit_rating": "B-", "credit_rating_agency": "S&P", "credit_rating_source": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486", "credit_rating_source_tier": "A", "leverage_from_rating": null, "ratings_confidence": "high", "evidence_quotes": [], "source_url": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486", "as_of": null, "confidence": "high", "_renderer_warnings": [ "balance_sheet_financials: tier2/3 private buyer; balance-sheet fields (cash, total_debt) not publicly disclosed. Emitting credit_rating + leverage_from_rating from Exa research (agency=S&P, tier=A) as a proxy for balance-sheet health." ] }, "cultural_red_flags": { "section_id": "cultural_red_flags", "applicable": false, "reason": "no_cultural_signals_in_corpus", "ceo_vision_summary": "unknown", "ceo_vision_confidence": "missing", "red_flags": [], "culture_risk": "unknown", "evidence_quotes": [], "confidence": "missing", "source_urls": [], "_renderer_warnings": [ "cultural_red_flags: no cultural or red-flag signals found in corpus for this buyer. Absence of signal is not evidence of no culture issues — it may mean the corpus doesn't cover cultural narrative for this buyer." ] }, "strategic_positioning": { "section_id": "strategic_positioning", "applicable": true, "reason": null, "ma_appetite": "unknown", "ma_cadence_count": 11, "recent_24mo_count": 1, "hr_adjacent_count": 11, "hr_adjacent_deals": [ { "name": "ceridian acquisition (2024)", "year": 2024 }, { "name": "ceridian acquisition (2021)", "year": 2021 }, { "name": "ceridian acquisition (year unknown)", "year": null }, { "name": "ceridian acquisition (2007)", "year": 2007 }, { "name": "ceridian acquisition (2012)", "year": 2012 }, { "name": "ceridian acquisition (2011)", "year": 2011 }, { "name": "ceridian acquisition (1992)", "year": 1992 }, { "name": "ceridian acquisition (2013)", "year": 2013 }, { "name": "ceridian acquisition (2018)", "year": 2018 }, { "name": "ceridian acquisition (2019)", "year": 2019 }, { "name": "ceridian acquisition (2019)", "year": 2019 } ], "strategic_gaps": [ { "gap": "active_in_adjacent_space", "rationale": "Buyer has 11 prior HR-adjacent acquisitions. HR.com extends a proven M&A thesis.", "source": "integration_post_mortem" }, { "gap": "network_moat_gap", "rationale": "Buyer's existing moat is scale. HR.com's community/network-effect asset complements rather than overlaps.", "source": "competitive_moat" } ], "positioning_rationale": [ "insufficient data to classify appetite" ], "rendered_signals": [ { "source_section": "integration_post_mortem", "source_field": "prior_deals", "value": 11 }, { "source_section": "pe_clock_ipo_window", "source_field": "urgency", "value": "low" }, { "source_section": "competitive_moat", "source_field": "moat_type", "value": "scale" } ], "evidence_quotes": [], "confidence": "low", "source_urls": [ "https://en.wikipedia.org/wiki/Dayforce", "https://geo.sig.ai/brands/dayforce", "https://s203.q4cdn.com/998886067/files/doc_financials/2021/ar/Ceridian-HCM-Holding-Inc.-2021-Annual-Report-(Final).pdf", "https://www.ceridian.com/company/newsroom/2019/global-hcm-leader-ceridian-acquires-assets-of-clearview-logix-and-paysa", "https://www.investor.fnf.com/static-files/0ca4d97b-f458-4b3a-8571-c7824e185309", "https://www.lwlaw.com/ceridian-announces-agreement-to-acquire-dayforce/", "https://www.reuters.com/article/business/ceridian-agrees-to-be-bought-for-5-3-bln-idUSL31156432/", "https://www.thomabravo.com/press-releases/thoma-bravo-completes-acquisition-of-dayforce", "https://www.globenewswire.com/news-release/2025/08/21/3137003/0/en/dayforce-enters-into-us-12-3-billion-definitive-agreement-with-thoma-bravo-to-become-a-private-company.html", "https://privatecapitaljournal.com/thoma-bravo-to-take-dayforce-private-for-us-12-3b/" ], "_renderer_warnings": [] }, "negotiation_leverage": { "section_id": "negotiation_leverage", "applicable": true, "reason": null, "leverage_points": [ { "point": "Buyer already spends on HR.com advertising — acquisition eliminates duplicate media spend", "source_section": "advertiser_cannibalization", "source_field": "cannibalization_risk", "strength": "strong", "rationale": "3 overlapping advertisers: ADP, G-P, ERIN" }, { "point": "HR.com ran a 2022 process with 8 offers — proven market demand establishes a competitive floor", "source_section": "seller_facts", "source_field": "three_asset_pack.asset_b_media.prior_process_2022", "strength": "strong", "rationale": "2022 offers ranged $9M-$45M" }, { "point": "hr.com is one of <676 2-letter .com domains — category-defining, few substitutes, independent of media business performance", "source_section": "seller_facts", "source_field": "three_asset_pack.asset_a_domain", "strength": "strong", "rationale": "domain broker estimate: $15M+" }, { "point": "Buyer has mixed integration track record — negotiation leverage on structure and earn-out terms", "source_section": "integration_post_mortem", "source_field": "integration_pattern", "strength": "moderate", "rationale": "pattern=troubled with 11 prior deals" }, { "point": "Buyer is actively acquiring in adjacent HR/media space — inbound interest likely", "source_section": "integration_post_mortem", "source_field": "prior_deals", "strength": "weak", "rationale": "11 prior adjacent acquisitions" } ], "top_3_talking_points": [ "Buyer already spends on HR.com advertising — acquisition eliminates duplicate media spend", "HR.com ran a 2022 process with 8 offers — proven market demand establishes a competitive floor", "hr.com is one of <676 2-letter .com domains — category-defining, few substitutes, independent of media business performance" ], "evidence_quotes": [], "confidence": "high", "source_urls": [ "https://www.thomabravo.com/press-releases/thoma-bravo-completes-acquisition-of-dayforce", "https://www.globenewswire.com/news-release/2025/08/21/3137003/0/en/dayforce-enters-into-us-12-3-billion-definitive-agreement-with-thoma-bravo-to-become-a-private-company.html", "https://privatecapitaljournal.com/thoma-bravo-to-take-dayforce-private-for-us-12-3b/", "https://www.alternativeswatch.com/2026/02/04/dayforce-returns-to-pe-ownership-in-12-3bn-thoma-bravo-deal/", "https://geo.sig.ai/brands/dayforce", "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486", "https://prospeo.io/c/ceridian-revenue", "https://en.wikipedia.org/wiki/Dayforce", "https://s203.q4cdn.com/998886067/files/doc_financials/2021/ar/Ceridian-HCM-Holding-Inc.-2021-Annual-Report-(Final).pdf", "https://www.ceridian.com/company/newsroom/2019/global-hcm-leader-ceridian-acquires-assets-of-clearview-logix-and-paysa" ], "_renderer_warnings": [] } }, "section_priority": { "deal_killer": 1, "ma_appetite": 2, "three_asset_split": 1, "ceo_vision": 3, "competitive_moat": 4, "earnings_quotes": 5, "approach_strategy": 6, "advertiser_cannibalization_risk": 2, "integration_post_mortem": 4, "pe_clock_or_ipo_window": 3 }, "market_reputation": { "killed_in_v2": true }, "source_urls": [], "synergy_npv_v2": { "synergy_npv_low": null, "synergy_npv_midpoint": null, "synergy_npv_ceiling": null, "discount_rate": 0.1, "hold_period_years": null, "buyer_tier": null, "cost_synergies": [], "revenue_synergies": [], "strategic_premium": [], "overall_confidence": "missing", "fallback_used": true }, "validation": { "bq1_passed": false, "bq2_passed": false }, "_renderer_warnings": [ "renderer: composite block financial_data.valuation_range has aggregate confidence=disputed — preserving block, downstream must check per-field confidence", "renderer: null-masked disputed fact value financial_data.employee_count_approx", "renderer: composite block financials.valuation_range has aggregate confidence=disputed — preserving block, downstream must check per-field confidence" ], "_meta": { "source_corpus": { "document_count": 50, "total_chars": 152489, "sources": [ "https://investors.dayforce.com/news-and-events/press-releases/press-release-details/2025/Dayforce-Enters-into-US12-3-Billion-Definitive-Agreement-with-Thoma-Bravo-to-Become-a-Private-Company/default.aspx", "https://www.cbinsights.com/company/ceridian-corporation/financials", "https://prospeo.io/c/ceridian-revenue", "http://tracxn.com/d/companies/ceridian/__CB4id3I2wdGu9jDFLpfY0_6icBUzYDsMfwS8SLI816U", "https://parsers.vc/startup/dayforce.com/", "https://www.gaebler.com/VC-Funding-8C091377-DE00-4738-A087-C8F6A1168741-Ceridian-HCM-04-01-2016", "https://www.prnewswire.com/news-releases/fnfv-announces-474-million-additional-capital-investment-in-ceridian-300241539.html", "https://www.crunchbase.com/organization/ceridian", "https://www.sec.gov/Archives/edgar/data/1725057/000119312518135134/d559012d424b4.htm", "https://www.dayforce.com/ca/who-we-are/newsroom/ceridian-receives-additional-capital-investment-as-dayforce-success-accelerates", "https://www.prnewswire.com/news-releases/cerby-raises-40m-series-b-to-automate-identity-security-at-scale-302466010.html", "https://www.cerby.com/about-us/newsroom/cerby-extends-series-b", "https://www.ceridian.com/company/newsroom/2021/ceridian-announces-pricing-of-private-offering-of-senior-unsecured-convertible-notes", "https://www.dayforce.com/ca/who-we-are/newsroom/ceridian-announces-pricing-of-private-offering-of-senior-unsecured-convertible-notes", "https://www.investor.fnf.com/news-releases/news-release-details/fnfv-announces-474-million-additional-capital-investment", "https://www.dayforce.com/who-we-are/newsroom/ceridian-announces-pricing-of-private-offering-of-senior-unsecured-convertible-notes", "https://investors.dayforce.com/news-and-events/press-releases/press-release-details/2025/Dayforce-Reports-Fourth-Quarter-and-Full-Year-2024-Results1/default.aspx", "https://s203.q4cdn.com/998886067/files/doc_financials/2024/ar/DAY-2025-Annual-Report.pdf", "https://www.sec.gov/Archives/edgar/data/1725057/000095017025014155/day-ex99_1.htm", "https://growjo.com/company/Ceridian", "https://geo.sig.ai/brands/dayforce", 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"https://www.investor.fnf.com/news-releases/news-release-details/fidelity-national-financial-inc-announces-closing-ceridian", "https://www.investor.fnf.com/static-files/0ca4d97b-f458-4b3a-8571-c7824e185309", "https://money.cnn.com/2007/05/30/news/companies/ceridian/", "https://www.lwlaw.com/ceridian-announces-agreement-to-acquire-dayforce/", "https://www.ceridian.com/company/newsroom/2021/ceridian-completes-acquisition-of-ascender", "https://www.fitchratings.com/research/insurance/fitch-comments-on-fidelity-national-financial-merger-agreement-with-ceridian-31-05-2007", "https://en.wikipedia.org/wiki/Dayforce", "https://www.ceridian.com/company/newsroom/2019/global-hcm-leader-ceridian-acquires-assets-of-clearview-logix-and-paysa", "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ceridian-HCM-Holding-Inc-B-Rating-Placed-On-CreditWatch-Positive-On-Potential-IPO-And-Debt-Repayment-New-Debt-Rated-2012486", "https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3124376", "https://www.reuters.com/article/business/sp-keeps-ceridian-extended-term-ln-b-at-b-rtg-after-add-on-idUSWLA1728/", "https://www.alphaspread.com/security/nyse/day/financials/balance-sheet/current-portion-of-long-term-debt", "https://www.trefis.com/data/companies/CDAY/no-login-required/VwG1E3YC/Ceridian-HCM-Holding-Total-Debt", "https://simplywall.st/stocks/mx/commercial-services/bmv-cday/ceridian-hcm-holding-shares/health", "https://www.fool.com/earnings/call-transcripts/2024/07/31/ceridian-hcm-cday-q2-2024-earnings-call-transcript/", "https://www.sec.gov/Archives/edgar/data/1725057/000119312518148682/d581981dex991.htm", "https://www.morningstar.com/company-reports/1078829-ceridian-continues-to-invest-for-long-term-growth-and-global-expansion" ], "built_at": "2026-04-09T05:19:33.048851+00:00" } } }