In one of the biggest deals in recent HR technology history, Ultimate Software agreed to be acquired by a private equity group for $11 billion. The move will allow the cloud-based human capital management vendor to leave the pressures of Wall Street behind — at least for a while.
The Feb. 4 announcement was a surprise considering Ultimate appears to be thriving and has delivered steady year over year growth, said Holger Mueller, principal analyst for Constellation Research. “Usually private equity investors acquire troubled companies or those in transition but Ultimate is doing really well.”
The 29-year-old human capital management