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Kronos, Ultimate Software merger creates cloud companies

Published : Saturday, 22 February, 2020 at 5:08 PM  Count : 411

Kronos, Ultimate Software merger creates cloud companies

Kronos, Ultimate Software merger creates cloud companies

Kronos Incorporated and Ultimate Software have announced that they have signed a revised consolidation agreement to form one of the largest cloud computing companies ever.

The new company will provide workforce management solutions to help Human Capital Management (HCM) and organizations across all industries manage their employees more effectively.

The deal will combine award-winning solutions for each company, including Ultimate’s UltiPro HCM and employee experience products with Kronos Workforce Ready.

Kronos and Ultimate are recognized worldwide as consistently great places to work and both companies are multi-year winners of the Fortune 100 Best Companies to Work For honors.

If the merger between Kronos and Ultimate Software ceases, the combined company will earn $ 3bn with more than 12,000 employees worldwide. It will also have an enterprise value of $ 22 billion and plans to expand the company by adding 3,000 employees over the next three years.

Koronos CEO Aaron Ain will be the chief executive officer and chairman of the combined company and he will lead an experienced executive team made up of leaders from both Ultimate and Kronos.

The new company will operate from dual headquarters in Lowell, Massachusetts and Weston, Florida, with dozens of offices around the world.-Internet

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