Kronos Incorporated and Ultimate Software Complete Merger to Create Leading HCM Cloud Company
April 1, 2020
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.
- Buyers
- Kronos Incorporated, Ultimate Software, Hellman & Friedman LLC, Blackstone, GIC, Canada Pension Plan Investment Board (CPP Investments), JMI Equity
- Targets
- Kronos Incorporated, Ultimate Software
- Industry
- Cloud & SaaS
- Location
- United States
- Transaction Type
- Buyout
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