Ceridian HCM Proposes Terms For IPO

Quick Take

• Ceridian HCM has finalized terms for a $520 million combined private placement and IPO (NYSE:CDAY). 
• The firm, one of the oldest tech firms in the US, provides enterprises with human capital management software. It had sales of $751 million in 2017. 
• At the midpoint of the proposed range, it will have market cap of $2.8 billion and enterprise value of $3.3 billion. 
• Ceridian was struggling until it acquired Dayforce in 2012 for more than $100 million. 
• While it has strong support from insiders, it is growing more slowly than peers such as Workday, Paycom, etc. 

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