Ultimate Software bought by investment fund
Ultimate Software, an application developer from Florida is taken over by an investment consortium Hellman & Friedman Capital Partners for approximately 11 billion dollars. Ultimate Software mainly supplies cloud services for HR purposes.
The acquisition is handled in cash. Other parties in the consortium include Blackstone, GIC and CPPIB. The customers of Ultimate Software include Subway Sandwiches and hotel company Red Roof Inn. More than 5100 people work at the company. Upon completion of the acquisition, Florida-based Ultimate Software will be delisted from stock market.