Kronos, Ultimate merge to form one of the largest HCM cloud companies
Kronos Incorporated and Ultimate Software have entered into a merger to form one of the world’s biggest cloud companies for human capital management (HCM) and workforce management services.
The two companies are industry leaders with a reputation of bringing world class and innovative solutions to help organizations around the world drive better business outcomes, achieve a competitive advantage and create engaged workforces.
The merger will bring together both companies’ strengths and solution as well as its strong people culture evident from their inclusions in the Glassdoor Employees’ Choice Best Places to Work and Fortune 100 Best Companies to Work For honors.
With the merger, the combined company will have revenues of approximately USD$3 billion, more than 12,000 employees worldwide, and an enterprise value of USD$22 billion. It also plans to employ 3,000 more employees over the next three years.
Aron Ain, longtime Kronos chief executive officer, will be the chief executive officer and Chairman of the combined company said,”I have never been more excited in my 40 years at Kronos! Combining our passionate and extremely talented Kronos and Ultimate teams will create a company that is truly People Inspired.
“Together, we will expand the value we deliver to customers and create the industry’s most comprehensive human capital management and workforce management solution for organizations around the world.”
Adam Rogers, chief executive officer of Ultimate, added, “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.”