Hellman & Friedman-led Investor Group to Acquire Ultimate Software

Kronos Incorporated and Ultimate Software Complete Merger to Create Leading HCM Cloud Company

April 1, 2020

Cloud & SaaS

Kronos Incorporated and Ultimate Software completed an all-stock merger to form a combined cloud human capital management (HCM) and workforce management company with roughly $3 billion in revenue and about 12,000 employees. Hellman & Friedman is the controlling shareholder of the combined company, with Blackstone, GIC, CPP Investments and JMI Equity as significant minority investors; the new company will be jointly headquartered in Lowell, Massachusetts and Weston, Florida.

Hellman & Friedman- and Permira-led Consortium Acquires Zendesk

November 22, 2022

Software

An investor group led by Hellman & Friedman and Permira, with participation from a wholly-owned Abu Dhabi Investment Authority subsidiary and GIC, completed an all-cash acquisition of Zendesk for approximately $10.2 billion ($77.50 per share). Zendesk will become a privately held company, remain headquartered in San Francisco, and continue to operate its customer-experience SaaS business serving over 100,000 brands and more than 6,000 employees worldwide.

Hellman & Friedman and Bain Capital Acquire athenahealth for $17 Billion

February 15, 2022

Cloud & SaaS

Affiliates of Hellman & Friedman and Bain Capital completed the $17 billion acquisition of athenahealth from Veritas Capital and Evergreen Coast Capital. The deal brings in additional coinvestors (including an affiliate of GIC and a subsidiary of ADIA) while Veritas and Evergreen each retain minority investments as the buyers look to scale athenahealth's cloud-based healthcare SaaS platform.

Hellman & Friedman to Acquire The NPD Group

October 19, 2021

Data & Analytics

Hellman & Friedman has entered into an exclusive agreement to acquire The NPD Group, a global market information and analytics provider. NPD Executive Chairman Tod Johnson and CEO Karyn Schoenbart will retain a minority stake and remain on the board as H&F partners with management to accelerate product, data and platform growth.

Hellman & Friedman Takes 7.5% Stake in Splunk

March 4, 2022

Data & Analytics

Hellman & Friedman Capital Partners X, L.P. purchased approximately $1.38 billion of Splunk common stock (11.9 million shares), representing roughly 7.5% of outstanding shares and making HFCP X the largest active shareholder. The investment is a strategic minority stake intended to support management — including new CEO Gary — and help drive value creation for all shareholders.

Hellman & Friedman (with TPG) Acquires Checkmarx for $1.15B

April 20, 2020

Cybersecurity

Hellman & Friedman, joined by TPG, has acquired Checkmarx at a $1.15 billion valuation in a buyout of the application-security leader. Insight Partners and K1 Investment Management remain minority shareholders; Checkmarx employs more than 700 people and serves over 1,400 customers worldwide.