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Ultimate Software

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Ultimate Software Group, Inc.
Company typePrivate
IndustrySaaS HCM Software
Founded1990; 34 years ago (1990)[1]
FounderScott Scherr
DefunctApril 1, 2020
FateMerged with Kronos Incorporated
SuccessorUltimate Kronos Group
HeadquartersWeston, Florida
Area served
  • United States
  • Canada
Key people
Aron Ain (CEO)
Products
  • Human Resources
  • Payroll
  • Recruiting
  • Onboarding
  • Talent Management
  • Time Management
  • Global HCM
Services
  • Managed Services
  • Payment Services
  • Print Services
  • Check Printing
Revenue$940.1 million (2017) [2]
OwnerHellman & Friedman
Number of employees
5,144 (2019)
Websitewww.ultimatesoftware.com

Ultimate Software was an American multinational technology company that developed and sold UltiPro, a cloud-based human capital management (HCM) software system for businesses. Headquartered in Weston, Florida, the company was founded in 1990 by Scott Scherr, and it released its first version of software in 1993. As of the fourth quarter in 2017, Ultimate Software reported total revenues of over $940.7 million.[3] As of 2017, the company employs more than 5,000 people and services 4,100 customers in 160 countries.[4] Ultimate had offices around the U.S., Canada, UK, and Singapore.[5] On February 4, 2019, Hellman & Friedman Capital Partners announced it would purchase Ultimate Software Group for $11 billion;[6] the purchase closed on May 3, 2019.

In February 2020, Ultimate Software announced its plan to merge with Kronos Incorporated to form a cloud-computing venture specializing in human resource software. The merger was completed on April 1, 2020. The company is named Ultimate Kronos Group.[7][8]

History

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Ultimate Software was founded in 1990 by Scott Scherr. In 1993, the tech company released UltiPro HRMS/payroll sold as on-premise software servicing core HR and payroll.[9] The company went public (NASDAQ: ULTI) in June 1998.[10]

In 2002, UltiPro was reintroduced as a cloud-based model to provide a unified management tool for human resources.[11] This model allowed the company to hold more than 33 million client records in the cloud and provide services to more than 3,400 customers, according to Career Builder. The company expanded outside of the United States and opened an office in London, England. Later that year, Ultimate announced additional expansion in Singapore.[12]

Products and services

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The company's UltiPro is a cloud-based platform that delivers human capital management to organizations across all industries. UltiPro provides one system of record for HR, payroll, and talent management. According to TrustRadius, UltiPro includes time and attendance, employee onboarding, performance management, compensation management, succession management, recruiting, and other features like predictive analytics.[13]

References

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  1. ^ "HR Software Solutions & Payroll for Human Capital Management - Ultimate Software". Retrieved 22 April 2016.
  2. ^ "The Ultimate Software Group (ULTI) Q4 2017 Results - Earnings Call Transcript". Seeking Alpha. 2018-02-06. Retrieved 2017-04-23.
  3. ^ "The Ultimate Software Group (ULTI) Q4 2017 Results - Earnings Call Transcript". The Ultimate Software Group (ULTI) Q4 2017 Results - Earnings Call Transcript. Seeking Alpha. 6 February 2018. Retrieved 2018-02-06.
  4. ^ "Working at Ultimate Software". Glassdoor. Retrieved 2015-09-25.
  5. ^ "Ultimate Software - Contact an Ultimate Software Representative, Your Source for HRIS". www.ultimatesoftware.com. Retrieved 2015-09-25.
  6. ^ "Ultimate Software to Go Private in $11 Billion Cash Deal". Bloomberg. 4 February 2019. Retrieved 2019-02-04.
  7. ^ "Welcome to Ultimate Kronos Group". Ultimate Kronos Group. August 2020. Retrieved 2020-08-28.
  8. ^ Payne, Emily (February 24, 2020). "Kronos, Ultimate Software announce merger". BenefitsPRO. Retrieved 2020-02-28.
  9. ^ "Texas Roadhouse Leverages Ultimate Software's Cloud-Based UltiPro for Business Gains, Wins APA's Prestigious Prism Award". Retrieved 2015-09-28.
  10. ^ "ULTIMATE SOFTWARE GROUP INC (ULTI) IPO". NASDAQ.com. Retrieved 2015-09-25.
  11. ^ "UltiPro Aligned with The Container Store's Employee Commitment Philosophy". www.prnewswire.com. Archived from the original on 2015-09-29. Retrieved 2015-09-28.
  12. ^ "Ultimate Software Group jobs at Careerbuilder.com". www.careerbuilder.com. Retrieved 2015-09-28.
  13. ^ "UltiPro Reviews". www.trustradius.com. Retrieved 2018-04-11.
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