Ultimate Software, a prominent provider of cloud-based human capital management (HCM) solutions, achieved significant financial success throughout its operational history. In the fourth quarter of 2017, the company reported impressive total revenues exceeding $940.7 million (Wikipedia, 2024). This revenue growth continued, with Ultimate Software reaching a revenue run rate of $1.1 billion in 2020 (GetLatka, n.d.).
Key Facts
- Ultimate Software reported total revenues of over $940.7 million in the fourth quarter of 2017.
- In 2020, Ultimate Software’s revenue run rate hit $1.1 billion.
- Ultimate Software’s estimated annual revenue is currently $226.2 million.
- Ultimate Software’s estimated revenue per employee is $207,350.
- Ultimate Software’s total funding is $19.1 million.
- Ultimate Software has 2,465 total employees.
- Ultimate Software has 5,600 customers.
- Ultimate Software was founded in 1990 by Scott Scherr.
- In February 2020, Ultimate Software merged with Kronos Incorporated to form a cloud-computing venture specializing in human resource software. The merged company is named Ultimate Kronos Group.
Despite its eventual merger with Kronos Incorporated, Ultimate Software maintained a strong financial position. As of 2023, the company’s estimated annual revenue stands at $226.2 million, with an estimated revenue per employee of $207,350 (GrowJo, n.d.). Ultimate Software’s total funding amounted to $19.1 million, further solidifying its financial stability.
Ultimate Software: Employees and Customers
Ultimate Software’s success extended beyond its financial performance, as the company fostered a substantial workforce and customer base. At its peak, Ultimate Software employed approximately 2,465 individuals, each contributing to the company’s growth and innovation (GetLatka, n.d.). These employees played a crucial role in serving Ultimate Software’s impressive customer base, which comprised over 5,600 customers (GetLatka, n.d.).
Ultimate Software: Founding and Merger
Ultimate Software’s journey began in 1990 when Scott Scherr founded the company (Wikipedia, 2024). Throughout the 1990s, Ultimate Software focused on developing and refining its UltiPro HRMS/payroll software, initially offered as on-premise software (Wikipedia, 2024). In 2002, the company revolutionized its offerings by introducing UltiPro as a cloud-based model, providing a unified management tool for human resources (Wikipedia, 2024). This strategic move enabled Ultimate Software to expand its reach and cater to a broader customer base.
In February 2020, Ultimate Software embarked on a significant milestone by merging with Kronos Incorporated (Wikipedia, 2024). This merger aimed to create a formidable cloud-computing venture specializing in human resource software (Wikipedia, 2024). The combined entity, known as Ultimate Kronos Group, continues to lead the industry in providing innovative HCM solutions.
Conclusion
Ultimate Software’s financial success, coupled with its substantial employee base and customer following, solidified its position as a prominent player in the HCM software industry. The company’s journey, from its founding in 1990 to its eventual merger with Kronos Incorporated, exemplifies its commitment to delivering cutting-edge HR solutions. Ultimate Software’s legacy continues through Ultimate Kronos Group, which carries the torch of innovation in the ever-evolving landscape of human capital management.
References
- GetLatka. (n.d.). Ultimate-Software. Retrieved from https://getlatka.com/companies/ultimate-software
- GrowJo. (n.d.). Ultimate Software. Retrieved from https://growjo.com/company/Ultimate_Software
- Wikipedia. (2024, January 1). Ultimate Software. Retrieved from https://en.wikipedia.org/wiki/Ultimate_Software
FAQs
What was Ultimate Software’s revenue in 2017?
In the fourth quarter of 2017, Ultimate Software reported total revenues exceeding $940.7 million.
What was Ultimate Software’s revenue run rate in 2020?
Ultimate Software’s revenue run rate hit $1.1 billion in 2020.
What is Ultimate Software’s estimated annual revenue?
As of 2023, Ultimate Software’s estimated annual revenue is $226.2 million.
What is Ultimate Software’s estimated revenue per employee?
Ultimate Software’s estimated revenue per employee is $207,350.
What is Ultimate Software’s total funding?
Ultimate Software’s total funding amounted to $19.1 million.
How many employees did Ultimate Software have?
At its peak, Ultimate Software employed approximately 2,465 individuals.
How many customers did Ultimate Software have?
Ultimate Software’s impressive customer base comprised over 5,600 customers.
What happened to Ultimate Software?
In February 2020, Ultimate Software merged with Kronos Incorporated to form Ultimate Kronos Group, a cloud-computing venture specializing in human resource software.