Workday shares surged more than 20% on Thursday after a Reuters report said private equity firm Silver Lake is in talks to buy the human resources software company, according to CNBC. The stock was briefly halted in late-afternoon trading, and CNBC reported that Workday’s market value last topped more than $53 billion after the report. The companies have not confirmed a transaction. CNBC said Workday and Silver Lake did not immediately respond to its requests for comment, so the available evidence supports only that talks were reported, not that a deal has been reached. The move lands in a difficult stretch for software equities. CNBC reports that Workday’s shares are down about 3% this year and 7% from a year ago, as investors have weighed whether artificial intelligence tools could disrupt established enterprise software business models. Workday has also seen leadership change this year. CNBC reports that co-founder Aneel Bhusri was renamed chief executive officer in March after Carl Eschenbach stepped down. Bhusri has previously held several leadership roles at the company, including CEO and co-CEO. CNBC also cited analyst Brent Thill, who told the network’s “Power Lunch” that Bhusri and Silver Lake’s Egon Durban know each other through many connections and that a transaction “could make sense” given how badly software stocks have been hit. That is an analyst view, not confirmation of the talks or their outcome. For now, the story is a reported takeover approach with a market reaction, not a signed acquisition. The next hard facts would be company statements, a formal bid, financing details, or reports that talks have ended. Who benefits: Workday shareholders benefited immediately from the reported talks through the share-price jump. Silver Lake could benefit if it believes the public market is undervaluing Workday’s longer-term enterprise software franchise. Who's exposed: Investors short Workday or broadly positioned against enterprise software were exposed to the sudden rally. Workday customers and employees have no confirmed change yet, because no deal has been announced.