Bloomberg Tech Thoma Bravo to Pay $12.3 Billion for Dayforce, Nasdaq Fall Continues
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Aug 21, 2025 Denny Fish, Portfolio Manager at Janus Henderson Investors, delves into the latest tech trends and investment strategies. He discusses the alarming drop in Nasdaq valuations and shares insights on AI's transformative potential across industries. The acquisition of Dayforce by Thoma Bravo for $12.3 billion is explored, highlighting the evolving investment landscape. Fish also touches on the competition among tech giants like Google and Apple in integrating AI, while addressing the complexities of ROI in AI and SaaS projects.
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AI Is A Multi-Decade Value-Creation Wave
- AI is a multi-decade secular trend with potential to exceed previous tech waves like cloud and mobile.
- Valuation risk varies across pockets; choose companies with durable earnings and sensible multiples.
Accelerate Private SaaS Transformations
- Accelerate recurring software transformation in private to unlock value when public markets underreact.
- Focus on product leadership, revenue quality, and an ambitious AI roadmap when investing in HR tech.
HCM Is A Natural AI Lever
- Human capital management is a natural fit for AI because the core problems are people and data driven.
- SaaS incumbents with protected data and customer relationships hold an advantage for AI rollout.