Workday shares hit 10-year high on Silver Lake takeover report

An aerial view of Workday headquarters on Feb. 6, 2025 in Pleasanton, California.

Workday shares popped nearly 18% for their best day since 2016 on a report that private equity firm Silver Lake is in talks to buy the human resources software maker.

Shares were halted multiple times in late afternoon trading and the company's market value closed at nearly $51 billion following the report from Reuters.

The discussions have been ongoing in recent months, Reuters reported, citing sources familiar with the matter.

Workday and Silver Lake did not immediately respond to CNBC's request for comment.

Concerns that artificial intelligence tools will upend software's business model have weighed on Workday's shares in recent months. An acquisition in the space could hint at renewed software appetite despite these fears.