Kronos Incorporated and Ultimate Software have announced that they have entered into a definitive merger agreement to form one of the largest cloud computing companies ever.
The new company will provide human capital management (HCM) and workforce management solutions to help organizations across all industries manage their employees more effectively.
The deal will also bring together the best of each company’s award-winning solutions including Ultimate’s UltiPro HCM and Employee Experience products along with Kronos Workforce Ready.
Kronos and Ultimate have been consistently recognized around the world as great places to work and both companies are multi-year winners of the Glassdoor Employees’ Choice Best Place to Work and the Fortune 100 Best Companies to Work For honors.
Once the merger between the Kronos and Ultimate Software closes, the combined company will have revenues of $3bn with more than 12,000 employees worldwide. It will also have an enterprise value of $22bn and there are plans to grow the company further by adding 3,000 employees over the next three years.
Kronos CEO Aron 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 out of dual headquarters in Lowell, Massachusetts and Weston, Florida with dozens of offices around the world.
Ain shared his excitement regarding the merger of the two companies in a press release announcing the deal, saying:
“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. With a combined 70 years in business, we are poised for tremendous success. For our employees, customers, and partners there is an even better future ahead. Our top priority as we complete this merger is to ensure a smooth transition for our people and continue to exceed our customers’ expectations.”