Ultimate Software, which creates a cloud-based human resources management software has been acquired by Hellman & Friedman Capital Partners in an $11 Bn deal.
Florid-based HRM software company, Ultimate Software, was founded in 1990 by Scott Scherr. He will continue in his existing role along with the rest of the senior management team. The company helps in managing employee relationships from the time of recruitment to their retirement.
The cash deal will enable the HRM software company to invest in innovative products and services and also reward deserving employees.
According to Scherr, this change will translate into long-term and short-term benefits for about 5,144 employees of Ultimate.
“Since all of our employees are given equity in Ultimate when they join us, as stockholders, this transaction will result in immediate financial upside for them,” said Scherr in a company statement.