The last few weeks have delivered some of the most influential HR tech, wellness, and benefits M&A activity of 2025.
While brokerages like Marsh McLennan, NFP, and Lockton continue their steady acquisition pace, the month’s standout headline was Thoma Bravo’s $12.3 billion take-private of Dayforce. This market-shaping transaction joins a series of moves that show growing investor confidence in modern, AI-powered workforce solutions.
After a brief speculation, Dayforce officially confirmed the acquisition by software investment firm Thoma Bravo.
The $12.3 billion all-cash deal will pay stockholders $70 per share, a 32% premium over the recent trading price, which makes it one of the largest recent take-private transactions in the HR tech sector.
Dayforce is a leader in human capital management and is known for its AI-powered platform, which covers HR software, pay, time, talent, and analytics solutions. The company serves thousands of businesses worldwide, and this acquisition signals a new phase of its growth and innovation.
“Dayforce’s differentiated platform, global scale, and world-class team make it well-positioned to meet the growing and evolving needs of employers and employees around the world,” said Holden Spaht, a Managing Partner at Thoma Bravo.
“We see significant opportunity to accelerate growth, deepen customer impact, and continue to drive innovation across the global HCM landscape.”
The transaction includes a minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and is expected to close in early 2026, pending stockholder and regulatory approvals.
Post-transaction, Dayforce will operate as a private company under its existing brand.
Read the full press release here: Dayforce Enters into US$12.3 Billion Definitive Agreement with Thoma Bravo to Become a Private Company
Another notable August move was NFP’s acquisition of Pilot Benefits Group (Pilot|RB), an employee benefits broker based in Melville, New York.
Although the terms were not disclosed, this deal should strengthen NFP’s Northeast footprint and expand its group benefits offerings, particularly for nonprofit clients and middle-market businesses.
Pilot, founded over 60 years ago and led by Josh and Ben Senders, specializes in cost-effective benefits programs tailored to mission-driven organizations and businesses. Both leaders will join NFP as senior vice presidents reporting to the regional benefits division.
“We’re excited to add their capabilities and expertise to our diverse portfolio of solutions,” said President of NFP’s Northeast region, Kate Henry.
The Senders added that the move opens exciting new client opportunities through expanded resources and integrated offerings.
Read the full press release here: NFP, An Aon Company, Acquires New York-Based Employee Benefits Broker
Continuing the trend of industry consolidation, Lockton Companies, the world’s largest privately held insurance brokerage, announced it will acquire Benefits Communication Insourcing (BCI), taking full ownership of the employee experience firm.
“This acquisition is foundational to the exceptional employee experiences we strive to design,” said Tim Ryan, U.S. President at Lockton. “It further positions us to deliver even greater value and to empower organizations in ways that drive meaningful results.”
At the same time, BCI President Ryan Grady added that joining Lockton will give clients “better access to resources and enhanced capabilities.”
BCI, already in a partial ownership agreement with Lockton, will now transition fully to Lockton shareholders while continuing to serve clients without disruption.
The acquisition is expected to close by the end of 2025, subject to regulatory approvals.
Read the full press release here: Lockton Announces Acquisition of Employee Experience Company
In an update of our February coverage of UnitedHealth’s proposed $3.3 billion acquisition of Amedisys, regulators have reached a settlement that allows the deal to proceed.
The buyout, first challenged by the DOJ in 2024 over antitrust concerns, requires UnitedHealth and Amedisys to divest 164 home health and hospice locations across 19 states, representing more than $500 million in annual revenue.
BrightSpring Health Services and Pennant Group will own the divested sites, ensuring competition remains in local markets.
The DOJ called it the largest divestiture of outpatient healthcare services to resolve a merger challenge. These changes should address regulators’ concerns about potential market concentration, allowing the companies to move forward while preserving competitive options for patients and providers in the affected regions.
If approved by a Maryland district court, the acquisition will expand UnitedHealth’s Optum and LHC Group footprint across five additional states and nearly 500 new locations.
Read more here: UnitedHealth And Amedisys Reach Settlement With DOJ Over $3.3B Merger
Following the wave of high-profile HR tech transactions, SAP has announced plans to acquire SmartRecruiters, a leading AI-driven talent acquisition platform known for its recruiting automation and candidate engagement tools.
The deal, set to close later this year, will integrate SmartRecruiters’ technology into the SAP SuccessFactors HCM suite while remaining available as a standalone solution.
For HR leaders, the move signals SAP’s deepening focus on end-to-end recruiting, from sourcing and screening to interviewing, hiring, and onboarding, all in a unified system of record. Customers will gain enhanced applicant tracking, analytics, and workforce planning capabilities, reducing time-to-hire and delivering a better candidate experience.
“Hiring the right people is not just an HR priority—it’s a business priority,” said Muhammad Alam, SAP Executive Board member.
SmartRecruiters CEO Rebecca Carr added that joining SAP will accelerate their mission to make hiring easy at an enterprise-scale level.
“Joining forces with SAP presents a tremendous opportunity for enterprises worldwide to benefit from our industry-leading approach to talent acquisition. I couldn’t be more excited for the opportunity this planned acquisition presents for our customers, partners, and employees as we build the future of hiring together,” said Carr.
The deal positions SAP to compete more aggressively in the recruiting technology market, giving HR and talent teams a more powerful toolkit to attract and retain talent in today’s competitive landscape.
Read the full press release here: SAP to Acquire SmartRecruiters: Integrating Innovative Talent Acquisition Portfolio Will Help Customers Attract and Retain Top Talent
In other news, this August, Marsh McLennan Agency (MMA) announced the acquisition of Olympic Insurance Agency, an independent firm based in Simi Valley, California.
Founded in 1947, Olympic provides business insurance, employee benefits, and personal asset protection. Its niche is serving real estate investors, property managers, and manufacturing companies.
All Olympic staff, including principals Don and Bob Barberie, will remain with the firm.
For MMA, the acquisition is a strategic opportunity to bring new expertise to clients, particularly in real estate and risk management.
“With their real estate expertise, dedication to innovation, and deep industry and client relationships, we look forward to the new perspectives their team will be able to offer those we serve,” stated Chris Williams, CEO of MMA’s West region.
Olympic leaders said the partnership would expand their resources while maintaining their commitment to service and proactive risk management.
Read the full press release here: Marsh McLennan Agency acquires Olympic Insurance Agency
As we close the August roundup, we take a step back to address a few influential developments from late July.
The first is the acquisition of SixFifty, the legal technology subsidiary of Wilson Sonsini Goodrich & Rosati, by a leading HCM company.
While the law firm confirmed the news, it did not identify the buyer. Multiple sources indicate that Paychex, the HR and payroll services provider, is the acquirer.
The deal, which closed in May but was officially disclosed July 30, is said to be among the most significant transactions involving a law firm–owned tech asset.
Founded in 2019, Utah-based SixFifty develops AI-powered compliance tools that automate employment and business documents, supporting HR and legal teams with multi-state compliance.
Doug Clark, managing partner of Wilson Sonsini, said the sale positions SixFifty to “scale its reach, accelerate innovation, and continue offering smart, tech-driven solutions that meet the real-world needs of businesses today.”
Paychex has not commented on the acquisition.
Read the full press release here: Wilson Sonsini Completes Sale of SixFifty Technologies
We close this roundup with Paylocity’s launch of Paylocity for Finance, an expansion of its HCM platform that brings HR and finance together under a single system of record.
The new product integrates the award-winning Airbase spend management technology to help companies address payroll and non-payroll expenses in one place and automate operations. It connects directly with popular ERP and general ledger systems like NetSuite and QuickBooks while offering AI-driven workflow automation.
Chief Executive Toby Williams called the launch a natural evolution of the company’s strategy.
“This expansion empowers finance teams with AI-powered, automated solutions seamlessly integrated into the Paylocity platform. By unifying data to connect critical workflows, we deliver enhanced visibility, improved efficiency, and an exceptional user experience that drives value through increased adoption,” said Williams.
A mobile version will roll out later this year.
Read the full press release here: Paylocity Advances One Unified HCM and Finance Platform with Launch of Integrated Spend Management Solution
Content Writer at Shortlister
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