Shares of Dayforce rose as much as 28% on Monday for their biggest intraday gain in more than seven years. Representatives for Thoma Bravo and Dayforce didn’t immediately respond to requests for comment.

Private equity firm Thoma Bravo is nearing a deal to acquire HR software company Dayforce, a source familiar with the matter told Reuters on Monday. Shares of Dayforce, which has seen its stock lose more than 27% of its value so far this year,