Kronos and Ultimate Software Merge
Kronos Incorporated and Ultimate Software announced that they have entered into a definitive merger agreement to form one of the world’s largest cloud companies. By bringing together two industry leaders, the transaction will create an innovative human capital management (HCM) and workforce management company to help organizations across all industries manage their people more effectively.
Kronos and Ultimate each have a proven track record of solutions that help organizations around the world drive better business outcomes, achieve a competitive advantage and create engaged workforces. The new company will bring together the best of each company’s award-winning solutions – Ultimate’s UltiPro HCM and Employee Experience products with Workforce Dimensions from Kronos, Kronos Workforce Ready, and other solutions from Kronos.
Kronos and Ultimate have been consistently recognized around the world as great places to work – including both being multi-year winners of the prestigious Glassdoor Employees’ Choice Best Places to Work and Fortune 100 Best Companies to Work For honors. This reflects both companies’ belief that people are at the core of an organization’s success, and that prioritizing the employee experience is the most effective way to help customers succeed.
Upon closing, the combined company will have revenues of approximately $3 billion, more than 12,000 employees worldwide, and an enterprise value of $22 billion, with further plans for growth including the addition of 3,000 employees over the next three years.
The all-stock merger has been unanimously approved by the boards of directors of both companies and is expected to close at the end of March.