Singapore, 21 May 2019 – Ultimate Software (“Ultimate”), a leading global provider of human capital management (HCM) and employee experience solutions in the cloud, announced the successful completion of its acquisition by an investor group led by Hellman & Friedman in partnership with GIC, Blackstone, Canada Pension Plan Investment Board (CPPIB), and other investors including JMI Equity.

Under the terms of the transaction, stockholders are entitled to receive $331.50 in cash for each share of Ultimate’s common stock held, representing an aggregate value of approximately $11 billion. The transaction was approved by Ultimate’s stockholders at a special meeting of stockholders on April 30, 2019. As a result of the completion of the acquisition, Ultimate’s common stock ceased trading on the NASDAQ Stock Market on 3 May 2019.

At the end of 2018, Ultimate’s total revenues exceeded $1.1 billion and the company currently serves 6,100 companies worldwide, with ~51 million people records in the cloud. Ultimate will continue to develop, market, deliver, and service its suite of HCM and employee experience solutions globally —with no changes to the markets Ultimate serves and no changes to its mission: put people first.