Workday shares jumped as much as 26 percent on August 13. The trigger was a Reuters report. It said private equity firm Silver Lake is in talks to take the company private. The reported valuation is roughly 43 billion dollars. Trading in Workday stock was briefly halted for volatility.

The report cited people familiar with the matter. It said Silver Lake and Workday have held talks over recent months. Nothing is final. Silver Lake could bring in additional investors to help finance a deal this size.

Neither Workday nor Silver Lake responded to requests for comment. A deal at this valuation would rank among the largest software buyouts in history. It would sit alongside other multibillion-dollar take-private deals that have reshaped enterprise software over the past two years.

Workday’s stock had fallen about 15 percent this year before the report. It remains down more than 40 percent from its 2024 peak. Investors have grown skeptical about traditional subscription software. They worry generative AI tools will automate parts of the HR and finance work Workday’s platform handles. The stock’s best single-day gain in years shows how much that skepticism had weighed on the shares.

Workday was founded in 2005. It built its business selling cloud-based human capital and financial management software to large enterprises. Its rivals include SAP and Oracle. Over the past two years, the company has added AI agents and automation features to its platform. The goal is to show investors it can adapt rather than be displaced by newer AI-native rivals.

A signed deal would add to a wave of software take-privates this year. Private equity firms are using lower borrowing costs and steep stock discounts to target slow-growth companies with stable subscription revenue. Wall Street will now watch whether Silver Lake moves from talks to a formal offer. Given how sharply the stock moved on an unconfirmed report, analysts expect either a formal offer or an official denial within weeks rather than months.