Ultimate Software

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Ultimate Software Group, Inc.
TypePrivate
IndustrySaaS HCM Software
Founded1990 (1990)[1]
FounderScott Scherr
FateMerged
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 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 has offices around the USA, 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.

On 18 February 2020, Ultimate Software announced that Fortune and Great Place to Work ranked the company #2 on the 100 Best Companies to Work For list for 2020. This marks the company's highest-ever ranking on the nationwide list and its fourth consecutive year in the top 10, with the company having ranked in the top 25 of the list since 2012.[7][8]

In February 2020, Ultimate Software announced its plan to merge with Kronos Incorporated to form a new cloud computing venture specializing in human resource software. The merger was officially completed on April 1, 2020. The new company, which is called Ultimate Kronos Group, is headed by Kronos CEO Aron Ain.[9][10]

History[edit]

Ultimate Software was founded in 1990 by Scott Scherr. In 1993, the tech company released UltiPro HRMS/ payroll sold as on-premises software servicing core HR and payroll.[11] The company went public (NASDAQ: ULTI) in June 1998.[12]

In 2002, UltiPro was reintroduced as a cloud-based Software-as-a-Service (SaaS) to provide a unified management tool for human resources.[13] This model has allowed the company to hold more than 33 million client records in the cloud and service more than 3,400 customers, according to Career Builder. The company announced they were expanding outside of the United States and opened an office in London, England. Later that year, Ultimate announced additional expansions into Singapore.[14]

Products and services[edit]

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 now includes time and attendance, employee onboarding, performance management, compensation management, succession management, recruiting, and other features like predictive analytics.[15] UltiPro is sold via a SaaS model, with a per-employee-per-month subscription.

Based on Gartner 2020 report, Ultimate Software is a Leader in this Magic Quadrant. Ultimate Software’s cloud HCM suite, UltiPro, had more than 6,850 clients as of May 2020. The majority of UltiPro customers have between 1,000 and 2,500 employees, but some are as large as 25,000 employees. UltiPro customers tend to be in financial and professional services, healthcare and manufacturing. The product is well-suited to midmarket and larger North-America-based multinational corporations that have most of their workforce in the U.S. and pockets of employees in other countries. Continuing Ultimate’s “people first” focus, its product roadmap is full of suite enhancements aimed at user experience, adaptability, adoption and productivity.[16]

List of products[edit]

[17]

  • UltiPro Product Tours - Ultimate's technology seamlessly brings together people with the information and tools they need.
  • HCM Product Features - UltiPro unites all aspects of HR, payroll, and talent management in one comprehensive cloud solution.
  • HCM Services - UltiPro Services includes UltiPro Managed Services, Partners for Life, Payment Services, W-2 Print Services, and Check Printing.
  • Customer Service - "People First" philosophy serves as the foundation for personalized approach to customer service.
  • Employee Case Management - An employee case management solution empowers employees to find personalized HR information.
  • Employee File Management - Creating, signing, storing, accessing, sharing, and deleting employee files in one secure place, accessible on any device and available wherever users are.
  • Employee Engagement Surveys - The first step in building a great workplace and culture is understanding what people care about.

Partnering Research[edit]

According to the Center for Generational Kinetics, the center partnered with the company in 2014 to conduct research on multiple generations in the workforce. The research looked at work expectations across different generations, with a focus on millennials.[18]

The study explored how millennials differ from prior generations in the way they feel about applying for a job, interviewing, receiving feedback, and leaving a job.[18]

In 2016, the Center for Generational Kinetics continued their partnership to examine the drivers and motivators behind the people in our workforce. The study focused on how organizations can understand and improve the employee experience.[19]

References[edit]

  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. 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. Retrieved 2019-02-04.
  7. "Ultimate Software Ranks #2 on Fortune's 100 Best Companies to Work For 2020 List". finance.yahoo.com. Retrieved 2020-02-28.
  8. "100 Best Companies to Work For". Fortune. Retrieved 2020-02-28.
  9. August 2020, Ultimate Kronos Group 22. "Welcome to Ultimate Kronos Group". Ultimate Kronos Group. Retrieved 2020-08-28.
  10. February 24, Emily Payne |; PM, 2020 at 01:12. "Kronos, Ultimate Software announce merger". BenefitsPRO. Retrieved 2020-02-28.
  11. "Texas Roadhouse Leverages Ultimate Software's Cloud-Based UltiPro for Business Gains, Wins APA's Prestigious Prism Award". Retrieved 2015-09-28.
  12. "ULTIMATE SOFTWARE GROUP INC (ULTI) IPO". NASDAQ.com. Retrieved 2015-09-25.
  13. Inc., The Ultimate Software Group. "UltiPro Aligned with The Container Store's Employee Commitment Philosophy". www.prnewswire.com. Retrieved 2015-09-28.
  14. "Ultimate Software Group jobs at Careerbuilder.com". www.careerbuilder.com. Retrieved 2015-09-28.
  15. "UltiPro Reviews". www.trustradius.com. Retrieved 2018-04-11.
  16. Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises "Vendor Strengths and Cautions". Gartner. November 2020.
  17. "Ultimate Software product list".
  18. 18.0 18.1 "Infographic: Is There Really a Generational Divide? – GEN HQ". Retrieved 2015-09-28.
  19. "Ultimate Software - Satisfaction at Work Study Resource Center". www.ultimatesoftware.com. Retrieved 2017-03-09.