A Workday Takeover Bid Could End the Software Selloff

Dow Jones08-14

Software shares have slumped this year due to fears of artificial intelligence disruption -- but the worst of the pain could be over for the embattled sector.

A takeover of enterprise software developer Workday by Silver Lake would send a clear signal to investors that private-equity firms are circling, which could put a stop on losses for struggling stocks.

"This deal could be viewed as a price floor for other potential takeout candidates that have been waiting for private equity to step in," KeyBanc analyst Jason Celino wrote in a research note on Thursday.

GitLab, Procore Technologies, PTC Inc., and UiPath are among the other software companies that look like potential merger and acquisition targets, the analyst added.

Investors are worried about how AI could upend the industry, because the rapid development of so-called vibe-coding tools is expected to make certain software products obsolete.

Workday stock had its best session since 2016 on Thursday after Reuters reported Silver Lake and the company had held discussions about a possible deal in recent months, citing people familiar with the matter.

Workday and Silver Lake didn't immediately respond to requests for comment from Barron's on Friday.

The report didn't contain any details about what Silver Lake would pay for Workday. Shareholders would likely be satisfied with around 15-times expected earnings for fiscal 2028, according to Celino. Shares were fetching 13.8-times that as of Thursday's close.

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