Equity firm buys Ultimate Software for $11 billion

February 4, 2019

A Florida software company is being purchased by a California private equity firm for $11 billion.

The South Florida Sun Sentinel reports that Ultimate Software announced Monday that it's being purchased by San Francisco-based Hellman & Friedman. Ultimate will continue operation under its founder and CEO, Scott Scherr.

The 29-year-old company is based in a Fort Lauderdale suburb and provides human resources and payroll software for such companies as Subway, Red Roof Inn and Yamaha Corp. of America. It has about 5,000 employees and Fortune magazine has rated it the country's top tech employer four years in a row.

Scherr says the sale will allow the company to provide new services and continue its expansion. The sale is expected to make some longtime employees millionaires through their stock ownership.

Explore further: SAP buying Qualtrics for $8 billion in cash

Related Stories

SAP buying Qualtrics for $8 billion in cash

November 12, 2018

SAP says it has agreed to pay $8 billion cash for survey-software provider Qualtrics International Inc., which was preparing for an initial sale of stock to the public.

Soft maker Deltek to be taken private for $890.5M

August 27, 2012

(AP)—Deltek Inc. shares slid nearly 8 percent Monday after the business software company said that it was being bought by private equity firm Thoma Bravo LLC in a cash deal worth about $890.5 million.

Recommended for you

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.