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Ultimate Software sells for $11 billion

Video Credit: Reuters Studio - Duration: 01:10s - Published < > Embed
Ultimate Software sells for $11 billion

Ultimate Software sells for $11 billion

An investor group buys cloud-based HR application developer, Ultimate Software, for about $11 billion.

Fred Katayama reports.


Ultimate Software sells for $11 billion

Shares of HR software maker, the Ultimate Software Group, skyrocketed after the company said it agreed to be bought by a group of investors for $11 billion in cash.

That's about $331 per share, a 19-percent premium to Ultimate Software's closing price on Friday.

Reuters correspondent Carl O'Donnell: (SOUNDBITE) (English) REUTERS CORRESPONDENT CARL O'DONNELL, SAYING: "It's the biggest LBO that's happened so far this year, and it really shows how intense the appetite is among private equity firms for acquisition of software companies.

In a lot of respects, software companies, like Ultimate Software, are perfect LBO targets.

They have very stable revenue, and it's a fast growing market.

So we're seeing capital pour into this space and this $11 billion deal is, you know, a particularly expensive example of that." The group of investors buying Ultimate Software includes private equity firms Hellman & Friedman and Blackstone.

Ultimate Software brought in more than $1 billion in revenue in 2018.

It said it expects close the deal in mid-2019.

It competes with companies, such as Workday and ADP, in an industry that is expected to grow to $22 billion in 2023, according to a report by Allied Market Research.

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