|Traded as||NASDAQ: ULTI|
S&P 400 Component
|Industry||SaaS HCM Software|
|Revenue||$940.1 million (2017) |
Number of employees
Ultimate Software is an American technology company that develops and sells UltiPro, a cloud-based human capital management (HCM) solution for businesses. Headquartered in Weston, Florida, the company was founded in 1990 by current president and CEO, 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. As of 2017, the company employs more than 4,200 people and services 4,100 customers in 160 countries. Ultimate has offices around the USA, Canada, UK, and Singapore. On February 4, 2019, Hellman & Friedman Capital Partners purchased Ultimate Software Group for $11 billion.
Ultimate Software was founded by Scott Scherr, the company’s current CEO and president in 1990. In 1993, the tech company released UltiPro HRMS/ payroll sold as on-premises software servicing core HR and payroll. The company went public (NASDAQ: ULTI) in June 1998.
In 2002, UltiPro was reintroduced as a cloud-based Software-as-a-Service (SaaS) to provide a unified solution to human resources. 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.
Products and services
The company's UltiPro solution 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. UltiPro is sold SaaS with a per-employee-per-month subscription.
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.
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.
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.
In 2017, FORTUNE Magazine ranked Ultimate Software the #7 Best Place to Work For as well as the #1 Best Workplace in Technology. In prior years, FORTUNE ranked Ultimate Software the 6th Best Workplace for Millennials, the 23rd Great Workplace for Women, and the 21st Best Company to Work For. Additionally, Forbes ranked the company the 7th Most Innovative Growth Company and analyst firm, Nucleus Research, deemed the tech company a "Leader" in HCM technology. In the past, Ultimate earned the 2011 Forrester Groundswell Award for achieving business and organizational goals through innovation in social technology applications and the 2013 Brandon Hall Gold Award for the Best New Product Feature of the Year.
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