UKG

From BizApps Wiki, the free Business Applications encyclopedia
Jump to: navigation, search
Ultimate Kronos Group
TypePrivate
Industry
Predecessors
FoundedApril 1, 2020; 2 years ago (2020-04-01)
Headquarters
Lowell, Massachusetts
Weston, Florida
Area served
Worldwide
Key people
Owners
  • Hellman & Friedman (~50%)
  • The Blackstone Group (25–20%)
Number of employees
12,000+ (2020)
Websitewww.ukg.com

Ultimate Kronos Group, commonly known as UKG, is an American multinational technology company with dual headquarters in Lowell, Massachusetts and Weston, Florida. The company is one of the largest cloud computing companies in the world. It provides workforce management and human capital management solutions.

The company was founded in April 2020 as a result of the merger of equals between Ultimate Software and Kronos Incorporated.[1] Former Kronos CEO Aron Ain is the CEO and chairman of the combined company. Competitors include ADP, Ceridian, Microsoft, Oracle, SAP, and Workday.

History[edit]

Ultimate Software[edit]

Kronos Incorporated[edit]

Ultimate Kronos Group[edit]

On February 20, 2020, Ultimate Software and Kronos Incorporated announced that they had entered into a definitive merger agreement to form a new cloud computing venture specializing in workforce management and human capital management. The combined company, valued at $22 billion, would be one of the largest cloud computing companies in the world. Kronos CEO Aron Ain will serve as CEO and chairman of the new company, which will have more than 12,000 employees with dual headquarters in Lowell, Massachusetts and Weston, Florida. The merger was officially completed on April 1, 2020.

In August, the company's name was announced as Ultimate Kronos Group (UKG), which will become effective on October 1. When discussing the name, Ain said it was chosen as a "reflection to honor our past as we also thought about what we wanted to be in the future [...] We didn't want to lose who we were and what we've achieved." Ain also said the company planned to primarily call itself UKG.

In the recent NBA 2021 season UKG became a jersey sponsor for the Miami Heat.

Ownership[edit]

Private equity firm Hellman & Friedman, who was the controlling shareholder of both Ultimate and Kronos, is the controlling shareholder of UKG. The Blackstone Group], which also owned stakes in both previous companies, is the largest minority investor with a 25–20 percent stake. Other minority investors include GIC, Canada Pension Plan Investment Board, and JMI Equity.

References[edit]

  1. "Kronos rebrands after merger with Ultimate Software". www.bizjournals.com. Retrieved 2020-12-04.