OTTAWA (dpa-AFX) - Cannae Holdings, Inc. (CNNE) said Wednesday that its portfolio company, Ceridian HCM Holding Inc., has confidentially filed for an initial public offering.
Ceridian HCM, a provider of human resources software and services, filed a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission relating to the proposed IPO of its common stock.
The company has not yet determined the number of shares of common stock to be sold and the price range for the proposed offering. The IPO is expected to commence after the SEC completes its review process.
Cannae Holdings holds majority and minority equity investment stakes in several companies, including Ceridian, food services company American Blue Ribbon Holdings, LLC, and clinical documentation and coding solutions provider T-System Holding LLC.
Ceridian Corp. was a publicly traded company on the New York Stock Exchange until it was acquired in 2007 by Thomas H Lee Partners and Fidelity National Financial Inc. (FNF) for about $5.3 billion.
Ceridian completed its acquisition of Dayforce, a single SaaS application for HR, payroll, tax, benefits and workforce management, in March 2013. Later, the company announced the legal separation of its Human Capital Management and payments businesses in October 2013.
Ceridian completed the separation through a series of transactions, resulting in the payments business being operated as Comdata Inc., and the HCM business being operated as Ceridian HCM Holding Inc.
In November 2017, Fidelity National Financial and Cannae Holdings said that the split-off of Cannae from FNF has been completed and both are now separate publicly traded companies.
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