Workday has a market value of about $43 billion. Silver Lake and the company have held discussions about a possible acquisition in recent months, the people said.

The talks remain ongoing, although there is no assurance that they will result in a transaction. The sources spoke on condition of anonymity because the discussions are confidential.

Workday’s stock has come under pressure this year as investors assess the resilience of traditional software businesses amid the rapid advancement of artificial intelligence. The company’s shares have declined about 15% this year and remain more than 40% below their 2024 peak.

The potential transaction comes as the software industry faces increasing scrutiny over how AI could reshape demand for established enterprise applications. For Workday, the market’s concerns have contributed to a significant decline in its share price from its 2024 high.

If completed at a valuation around its current market value, a Silver Lake acquisition of Workday would represent a major private equity transaction and rank among the largest software buyouts in history. However, the discussions remain preliminary, and the parties may ultimately decide not to proceed with a deal.

For now, Silver Lake and Workday continue to evaluate a potential transaction, with no final agreement announced.

Silver Lake and Workday remain in discussions over a potential acquisition involving the software company, which has a market value of about $43 billion. While the transaction could become one of the largest software buyouts in history, no deal has been finalised and the talks could still end without an agreement.

Founded in 2012 by Sekhar Garisa and Vishal Gupta, Sports365 was among India’s earliest e-commerce platforms focused exclusively on sporting goods. Indian tennis star Mahesh Bhupathi helped set up the venture in its formative years, and the company later attracted other prominent personalities, including cricketer Yuvraj Singh, actor Lara Dutta, and international squash player Dipika Pallikal.

Sports365 reported revenue of around ₹7 crore in FY14, its first full year of operations, and steadily expanded to a peak revenue of ₹46 crore in FY21. However, the business lost momentum after the pandemic, and its revenue declined sharply to about ₹2 crore in FY25, according to data from Tracxn.

Abhishek Ganguly, former Managing Director of Puma India and Southeast Asia, co-founded Agilitas with Atul Bajaj, former Executive Director – Sales and Operations at Puma India, and Amit Prabhu, former Chief Financial Officer of Puma India.

Although the companies have not disclosed the financial terms of the transaction, people familiar with the negotiations said the deal values Sports365 at less than its peak annual revenue of ₹46 crore.

Sports365 had raised under ₹15 crore from Powerhouse Ventures and several other investors. The company also received backing from YouWeCan, the non-profit initiative led by Yuvraj Singh.

For Agilitas, the proposed Sports365 transaction would represent another step in its acquisition-driven growth strategy. The company previously acquired Mochiko Shoes, secured long-term licensing rights to Loto, and revived One8, the sporting brand associated with cricketer Virat Kohli.

Since its inception, Agilitas has raised more than $90 million (over ₹850 crore) from investors including Virat Kohli, actress Anushka Sharma, Rainmatter, Yuvraj Singh, Convergent, and others. Around half of the latest funding round has already been secured, with the remaining capital expected to close over the next few months.

The acquisition would give Agilitas access to Sports365’s established sports retail network and digital commerce expertise, complementing its manufacturing and brand-building capabilities. It would also help Agilitas expand beyond product ownership into direct consumer engagement across equipment, accessories, and apparel categories.

Industry observers see the move as part of a broader consolidation trend in India’s sports and fitness market, where companies are combining manufacturing, branding, and retail capabilities to build integrated sports ecosystems.

If completed, the Sports365 acquisition would further strengthen Agilitas’ ambition to become a full-spectrum sports business spanning manufacturing, licensing, brand development, and retail distribution. For Sports365, the deal could provide fresh capital, operational support, and access to a larger consumer platform after several years of declining revenue.

Notably, GameStop has offered $125 per share in a 50-50 mix of cash and stock, which represents a premium of about 20% based on eBay’s Friday closing price. Meanwhile, eBay’s market capitalization stands nearly four times larger than GameStop’s, making this acquisition attempt highly ambitious and unconventional in the mergers and acquisitions landscape.

Furthermore, Cohen revealed in a letter to eBay’s board that GameStop has already secured a 5% stake in eBay through shares and derivatives. According to a report, which first covered the unsolicited bid, Cohen aims to significantly enhance GameStop’s valuation by leveraging synergies between the two companies.

In addition, Cohen emphasized that combining eBay and GameStop would unlock major opportunities to increase earnings and streamline operations. “It could be a legit competitor to Amazon,” Cohen said about eBay. He also projected that GameStop could reduce eBay’s annualized costs by $2 billion within 12 months of closing, thereby boosting earnings per share.

Moreover, Cohen highlighted that GameStop’s 1,600 U.S. stores could function as a nationwide infrastructure for authentication, intake, fulfillment, and live commerce, strengthening eBay’s operational capabilities. He further stated that he remains ready to initiate a proxy fight if eBay’s board does not engage with the proposal.

However, eBay has not yet responded to requests for comment regarding the offer. Despite this, Cohen reiterated his long-term vision, stating, “eBay should be worth—and will be worth—a lot more money.” He added, “I’m thinking about turning eBay into something worth hundreds of billions of dollars.”

Cohen, widely recognized as a key figure during the 2021 meme-stock frenzy, has built a reputation for making bold and unconventional investment decisions that influence market dynamics. Consequently, this proposed deal could disrupt traditional M&A strategies, as companies rarely attempt to acquire targets significantly larger than themselves without relying heavily on debt or equity financing.

To support the transaction, Cohen has already arranged financial backing, including a commitment letter for approximately $20 billion in debt from TD Bank. Additionally, he may seek further investment from external sources such as Middle Eastern sovereign wealth funds, according to the report.

If the deal materializes, Cohen confirmed that he will serve as CEO of the combined entity. He joined GameStop’s board in January 2021 and later assumed the CEO role, where he implemented aggressive cost-cutting measures that restored profitability.

Historically, GameStop gained global attention during the meme-stock rally when retail investors drove its stock price up by more than 1,700%. Nevertheless, the company continues to face structural challenges as the gaming industry shifts toward digital downloads and online platforms. Recently, GameStop reported a 14% decline in fourth-quarter revenue.

In contrast, eBay, founded in 1995 by Pierre Omidyar, has demonstrated resilience by forecasting second-quarter revenue above Wall Street expectations. The company has benefited from strong demand for collectibles, motor accessories, and live-streamed auctions.

As of Friday’s close, GameStop’s market valuation stood at nearly $12 billion, while eBay’s market value reached approximately $46 billion. Additionally, their shares have risen by 32.1% and 19.5%, respectively, this year, reflecting continued investor interest in both companies.

GameStop’s proposed acquisition of eBay marks a potentially transformative moment in the global e-commerce and retail industry. While the deal faces significant financial and strategic hurdles, it underscores Ryan Cohen’s aggressive growth strategy and ambition to position the combined entity as a formidable competitor to Amazon. If successful, the transaction could redefine industry dynamics, accelerate digital commerce innovation, and reshape the future of online marketplaces.

Importantly, this move comes at a pivotal time for hospitality markets across the Asia-Pacific region. Strong operating performance, expanding branded supply, and rising cross-border capital flows have repositioned hotel and branded residence assets as core institutional real estate. As a result, owners and investors increasingly seek integrated advisory platforms that can deliver sector expertise, capital structuring, and transaction execution within a single framework.

Over the past decade, Hotelivate has built one of the region’s most respected specialist hospitality advisory platforms, serving owners, developers, operators, and institutional investors. The firm provides services across strategy, feasibility, operator selection, asset management, and transactions. Notably, its offices in Delhi, Mumbai, Bangkok, Dubai, Jakarta, and Singapore will continue operations while gaining enhanced access to Savills’ broader regional network.

The newly formed Hotelivate-Savills platform will combine deep hospitality sector expertise with Savills’ full-service real estate capabilities spanning capital markets, valuations, transactions, project management, and cross-border advisory across more than 70 countries. Consequently, the integrated model aligns strategy, capital advisory, and execution from the outset, offering a seamless client experience.

Commenting on the development, Martin Fidden, CEO of Savills Asia Pacific (ex-Greater China), said, “South Asia is a priority market for Savills in APAC, and this acquisition reflects our strong commitment to its long-term growth. Our continued investments position us well to expand into specialist areas like hospitality advisory.”

Meanwhile, Anurag Mathur, CEO of Savills India, added, “This marks an important step in the evolution of Savills in India. Eight years into our journey, we have reached the scale and organizational maturity to invest selectively in specialist capabilities aligned with market opportunities. We are delighted to welcome Hotelivate to Savills. With strong tailwinds across South Asia’s hospitality sector, this investment strengthens our offer and enables us to deliver deeper, more integrated advisory services to clients across the region.”

Sharing his perspective, Manav Thadani, Founder and Chairman of Hotelivate, said, “We have built Hotelivate as a sector-focused advisory platform grounded in relationships, market insight, and deep specialization. This investment by Savills enables us to scale that platform in a more institutional manner, enhancing our ability to serve increasingly sophisticated investors while preserving the sector depth that defines our firm.”

Savills’ acquisition of a majority stake in Hotelivate marks a strategic expansion into the high-growth hospitality advisory segment. By combining global reach with specialized expertise, Hotelivate-Savills is poised to redefine advisory standards in South Asia, catering to increasingly complex investment and development needs in the evolving hospitality landscape.

The announcement comes as M&A teams face increasing pressure to do more with less. For most companies, inorganic growth depends on timing, context, and access. Yet M&A deal origination from mid-market and early-stage companies has changed little in decades, still driven by banker networks, static databases, and fragmented research workflows. Buyers often see only what is already on the market, while high-quality, off-market opportunities remain hidden.

Corporate development teams are leaner, timelines are compressed, and competition for quality assets is intensifying. While platforms like PitchBook, D&B, Datasite, and Tracxn have made company data more accessible, they largely stop at aggregation. GrowthPal addresses a different need by applying AI-driven reasoning to help teams identify which companies actually matter, based on strategic intent, sector context, and readiness to transact.

“M&A sourcing is where most time and effort is wasted, especially for smaller and mid-market deals,” said Maneesh Bhandari, co-founder and CEO of GrowthPal. “Teams spend weeks researching, filtering, and chasing opportunities that never go anywhere. We built GrowthPal to help buyers focus only on high-intent, high-fit targets and move from mandate to meaningful conversations far faster.”

GrowthPal’s platform acts as an intelligent M&A copilot. When a buyer defines a growth objective—like acquiring a specific capability or entering a new geography—the system translates that goal into a structured acquisition thesis. Its AI agents then scan an enriched database of more than four million technology companies using signals from public filings, web activity, hiring trends, funding history, and other indicators. The result is a short list of precision-fit, often off-market targets that align closely with the buyer’s mandate, rather than broad lists of loosely relevant companies.

The company was founded to address a structural gap in the market. While more than a million meaningful startups exist globally, fewer than one percent scale successfully, often due to lack of timely exits or strategic partnerships. At the same time, many acquirers struggle to find the right targets efficiently, particularly for transactions under $70 million that fall below the focus of traditional investment banks. GrowthPal was created to connect these two sides by making deal sourcing proactive, discreet, and data-driven.

GrowthPal has already supported more than 42 completed M&A transactions and facilitated over 210 LOI-stage conversations across North America, Europe, Asia, and Latin America. Clients include large and mid-market enterprises, fast-growing startups, private equity-backed firms, and corporate development teams across sectors such as IT services, SaaS, fintech, and vertical software. In one case, a single client closed seven acquisitions within 18 months using the platform.

The broader M&A landscape is increasingly shaped by data abundance and decision scarcity. Teams have more information than ever, yet struggle to turn it into conviction. As acquisitions become a core growth lever for companies of all sizes, the ability to reason across signals, context, and intent is becoming a competitive advantage.

“GrowthPal is solving one of the most under-optimised parts of the M&A lifecycle,” said Naganand Doraswamy, Managing Partner at Ideaspring Capital. “By focusing on qualified deal discovery and using AI to compress timelines, the team is enabling a more systematic approach to inorganic growth that traditional tools cannot offer.”

Looking ahead, GrowthPal plans to extend its intelligence deeper into the transaction lifecycle, supporting valuation reasoning, deal structuring, and preparation for negotiations. The company’s long-term vision is to become the system of intelligence that helps teams make better M&A decisions earlier, with greater confidence and clarity, starting from discovery and extending through execution.

About GrowthPal

GrowthPal’s AI-powered M&A copilot helps users identify off-market targets, validate fit, and accelerate deal execution, turning strategy into action within days, not weeks.

Its data- and intelligence-driven digital investment banking platform helps corporates acquire small- to mid-sized targets globally to add to their revenues, markets, geographies, customers, products, and teams. We specialize in add-ons, tuck-ins, and bolt-ons and cover global markets, including the US, LATAM, the UK, Europe, and Asia, and specialize in business services and software. The experienced team has helped 100+ clients and closed 40+ deals.

The platform combines data, machine learning algorithms, and human expertise to deliver the most relevant opportunities for any given mandate. The team uses sophisticated matching and scoring algorithms, then our in-house banking team reaches out, gauges interest, and facilitates introductions. For more information, please visit https://www.growthpal.com/

As part of this deal and other planned acquisitions, Blackstone aims to build a large-scale education platform with a total investment of $600–700 million (Rs 5,317–6,203 crore), one person said.

“The talks with Globetrotters are at an early stage, but the initial conversations are centered around the fund investing $150-200 million,” a second person noted. “The final deal contours could change as the negotiations proceed.”

Post-acquisition, Blackstone will work on expanding JPIS beyond Rajasthan while keeping the schools under the existing leadership of founder and chairperson Jayshree Periwal and CEO Ayush Periwal, the person added.

Blackstone, which manages $50 billion in Indian assets, has prior exposure to the education sector. In 2021, it acquired a controlling stake in edtech firm Simplilearn for $250 million and also invested in Aakash Educational Services, later selling the stake to Byju’s in a cash-and-stock deal estimated at $950 million.

The proposed JPIS acquisition mirrors Blackstone’s strategy in the healthcare sector, where it acquired CARE Hospitals and KIMS Health for a combined $1 billion. The firm also created an EV-focused automotive tech platform with Sona BLW Precision Forging and Comstar Automotive Technologies.

Globetrotters currently operates the flagship JPIS in Jaipur and six preschools. The institution, founded in 2011, previously operated as Step by Step International School and now follows the IB curriculum.

Step by Step Shiksha Samiti, run by the Periwal family, manages two additional schools in Jaipur, but the deal will likely exclude them since private equity firms cannot directly invest in schools or educational societies in India.

Globetrotters recorded operating revenue of Rs 135.2 crore in FY25, up 16%, as per the latest RoC filings. Net profit jumped to Rs 22.5 crore from Rs 10.7 crore in FY24.

India’s education space has seen significant private equity interest earlier as well. In 2019, KKR acquired Eurokids for about $200 million from Gaja Capital. Although KKR explored selling Eurokids last year, it stepped back, seeing strong growth potential in the sector. Meanwhile, homegrown investors Kedaara Capital and Peak XV Partners hold stakes in K12 Techno Services, the operator of Orchids International School.

The Boise, Idaho–based company offers technology that helps businesses efficiently manage their investment portfolios, while also providing tools that streamline reporting and enhance operational visibility.

The potential deal—involving the same firms that supported Clearwater’s 2021 IPO—may take several weeks to materialize, the source indicated. Warburg Pincus, Permira, and Clearwater Analytics Holdings have not yet commented on the development.

Clearwater, which debuted on the public markets in 2021 with a valuation of $5.5 billion, has since grown and held a market capitalization of roughly $5.63 billion as of Friday’s close, based on LSEG data.

This acquisition follows Udaan’s recent $114 million Series G funding round, led by M&G Investments and Lightspeed. According to the company’s press release, the deal will enhance Udaan’s operational efficiency, strengthen its presence in key markets, and accelerate its journey toward profitability and an IPO.

Founded in 2015, ShopKirana specializes in digitizing procurement for kirana stores in tier II and III cities like Indore, Bhopal, Lucknow, Agra, Surat, and Meerut. Its integration with Udaan will extend Udaan’s reach in high-frequency segments such as FMCG and HoReCa.

Udaan stated that the combined operations will improve supply chain efficiency and operating leverage while delivering greater value to retailers and brands.

The acquisition also adds Info Edge as a shareholder in Udaan. As per TheKredible, ShopKirana has raised $50.46 million to date from investors, including Info Edge, Sixth Sense Ventures, and the Oman India Joint Investment Fund.

Udaan stated that the merger is intended to create a “preferred platform for kiranas and brands,” emphasizing cost leadership and scale-driven profitability. Over the past two years, the company has focused on cost optimization, reducing fixed costs by 20% and cutting EBITDA burn by 40% in CY2024, with an additional 20% reduction achieved so far in 2025. Udaan also claims its contribution margin improved by more than 300 basis points last year and has increased by another 100+ bps year-to-date.

For the fiscal year ending March 2024, ShopKirana’s gross revenue declined by 6.26%, dropping to ₹639.16 crore in FY24 from ₹681.81 crore in FY23. However, the company succeeded in cutting its losses by 30%, bringing them down to ₹55 crore in FY24. The company has not yet disclosed its FY25 financial results.

This marks the second major consolidation in the B2B e-commerce sector. Recently, Jumbotail acquired Solv India for an undisclosed amount. Following the acquisition, Jumbotail raised $120 million in its Series D round, achieving unicorn status.

“As a small company with fewer than 20 people serving companies as large as Amazon, we knew we needed to build powerful partnerships across product and go-to-market to reach more companies,” co-founder and CEO of Praxis Labs, Elise Smith, said.

Torch CEO Heather Conklin connected with Elise Smith and her co-founder, Heather Shen, while all three were actively working in the leadership development space.

“We were immediately struck, not just by our shared values and mission, but also by how we aligned on what was needed to really future-proof the next general workforce,” Smith continued. “There was a clear connection and opportunity to connect Torch’s contextual coaching and organizational insights with Praxis’ AI coaching, practice, and skill assessments.” 

Founded in 2019, Praxis Labs partnered with major companies like eBay, Zoom, Amazon, Google, and Target to promote more equitable and inclusive workplaces through leadership training and skill assessments. In 2021, the company raised a notable $15 million Series A round, making co-founder Elise Smith one of the few Black women at the time to secure over $1 million in venture capital funding. Investors in the round included Emerson Collective, Steph Curry’s Penny Jar Capital, Precursor Ventures, and Ulu Ventures.

Elise Smith and Heather Shen will join Torch as Head of AI Growth and Head of AI Product, respectively. Additionally, the entire Praxis Labs team will integrate into Torch as part of the acquisition.

“Right now, every company and executive team is facing this pivotal question: How will they prepare and manage this next generation of work with humans and AI while maintaining the human connection that’s essential for real workforce and company transformation?” she said.

“We’re confident that joining Torch gives us the best possible opportunity to help companies solve this question in this crucial moment.” 

Moreover, the acquisition addresses a critical gap in Xero’s product suite by integrating payments capabilities into its accounting software. As a result, both companies will be able to scale their operations more effectively, enhancing their value proposition in a competitive market. While Xero dominates its home markets in Australia and New Zealand, it has been actively seeking to expand in the U.S. market, where it currently generates only about 7% of its total sales.

The deal “enables a step change in our North America scale and the potential to help millions of US (small-to-medium businesses) and their accountants better manage their cash flow and accounting on one platform,” said Xero CEO Sukhinder Singh Cassidy in a statement.

Xero forecast the buyout would double its 2025 financial sales by 2028.

Melio co-founder and CEO Matan Bar said he was “excited by our shared purpose to scale in the US and combine Xero’s accounting capabilities with Melio’s accounts payable and receivable solutions.”

As part of the acquisition process, Xero’s shares were temporarily suspended from trading on Wednesday. The A$30 billion ($19.5 billion) market cap company simultaneously launched an A$1.85 billion capital raise from institutional investors to help finance the deal.

While this move supports the strategic acquisition, it also prompted cautious responses from analysts, reflecting both the opportunity and the risks involved. While the deal marks a bold strategic move, analysts offered a cautious endorsement, highlighting both the growth potential and associated risks of the transaction.

“There is much to like in terms of bulking up US exposure with a leading, fast-growing payments player, and longer term, the proposed deal makes sense,” said RBC Capital Markets analyst Garry Sherriff in a client note.

“It will take time to process the intricacies of the deal and the pathway forward.”

E&P analyst Paul Mason said the buyout price “looks pretty full for the stand-alone business but works if you think the company can pull off strategic synergies around greater distribution.”