By Kayla Webster

February 20, 2020, 11:03 p.m. EST

Key players in the HCM software industry are joining forces to create what the companies say will be one of the world’s largest cloud companies.

Kronos and Ultimate Software announced their merger agreement on Thursday. A new company name hasn’t been revealed, but the venture will be valued at $22 billion. The company will utilize Ultimate’s UltiPro HCM and Employee Experience tools, in addition to Kronos’ Workforce Dimensions and Workforce Ready in its offerings.

“The combination of Ultimate and Kronos paves the way to deliver the next generation of employee-facing solutions that will set the standard for the workforce of the future,” said Adam Rogers, CEO of Ultimate, in the merger’s announcement. “Both companies remain fully committed to their core strengths as well as to the combined benefits that the new company will bring to employees and customers.”

The merger will create a workforce of around 12,000, with plans to hire an additional 3,000 employees over the next three years.

Both companies have received coveted spots on “best employer to work for” lists by Glassdoor and Fortune 100.

The new company’s executive team will include members from both Kronos and Ultimate. Aron Ain, CEO of Kronos, will take up the leadership mantel of the new venture, which will be jointly headquartered in Lowell, Mass. and Weston, Fla.

“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,” Ain said in the announcement.

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Source: Employee Benefit News

https://www.benefitnews.com/news/kronos-and-ultimate-software-merge