Kronos Incorporated and Ultimate Software have announced that they have entered a definitive merger agreement in order to form a larger cloud company. This transaction will create an innovative Human Capital Management (HCM) and workforce management company to assist businesses across all industries with managing their employees more effectively with a combination of cloud solutions. The combined company will have improved scale and a stronger position in the fast-growing HCM marketplace.
Recently, Kronos unveiled the next-generation Kronos InTouch DX. Kronos InTouch DX comes from the inventor of the world’s first computerized time clock and is the first intelligent time clock to combine enterprise-level intelligence, consumer-grade personalization, and the durability of Kronos time clocks to facilitate digital transformation (DX). Additionally, Ultimate Software recently announced that it formed a strategic alliance with Deloitte Canada, a professional services firm. This collaboration will enable enterprise companies throughout North America to optimize UltiPro through Deloitte’s business transformation and technology services and capabilities.
Upon closing, the combined company will have revenues of approximately $3 billion, over 12,000 employees around the world, and an enterprise value of $22 billion, with further plans for growth including the addition of 3,000 employees over the next three years. The new company will bring together each company’s solutions — Ultimate’s UltiPro HCM and Employee Experience products with Workforce Dimensions from Kronos, Kronos Workforce Ready, and other solutions from Kronos.
In a press statement, Chief Executive Officer of Ultimate Software, Adam Rogers said, “the combination of Ultimate and Kronos paves the way to deliver the next generation of employee-facing solutions that will set the standard for the workforce of the future. This merger will enable our more than 12,000 inspired people around the world to deliver innovation in human capital management faster than ever before. Both companies remain fully committed to their core strengths as well as to the combined benefits that the new company will bring to employees and customers.
The new company will be jointly headquartered in Lowell, MA and Weston, FL, with dozens of offices around the world.
Learn more about Kronos.
Learn more about Ultimate.