News Summary

• If it comes off, it would rank among the largest software buyouts ever struck.
• It would be a rare vote of confidence in a corner of the industry the public market has spent the year souring on.
• Workday was down roughly 15% for the year and more than 40% off its 2024 peak before the news broke, a slide that reflects a growing unease about whether seat-based software subscriptions can hold their value in the age of AI.