UKG

Ultimate Kronos Group, commonly known as UKG, is an American multinational technology company with dual headquarters in Lowell, Massachusetts and Weston, Florida. It provides workforce management and human capital management solutions.

This article is about the company. For the genre of electronic music, see UK garage.
Ultimate Kronos Group
TypePrivate
Industry
Predecessors
FoundedApril 1, 2020 (2020-04-01)
Headquarters
Lowell, Massachusetts
Weston, Florida
Area served
Worldwide
Key people
Owners
Number of employees
12,000+ (2020)
Websitewww.ukg.com

The company was founded in April 2020 as a result of the merger of equals between Ultimate Software and Kronos Incorporated.[2] Former Kronos CEO Aron Ain is the CEO and chairman of the combined company. Competitors include ADP, Ceridian, Microsoft, Oracle, SAP, and Workday.[3]

History

Ultimate Software
Main article: Ultimate Software

Kronos Incorporated
Main article: Kronos Incorporated

Ultimate Kronos Group

On February 20, 2020, Ultimate Software and Kronos Incorporated announced that they had entered into a definitive merger agreement to form a new cloud computing venture specializing in workforce management and human capital management. The combined company, valued at $22 billion, would be one of the largest cloud computing companies in the world. Kronos CEO Aron Ain will serve as CEO and chairman of the new company, which will have more than 12,000 employees with dual headquarters in Lowell, Massachusetts and Weston, Florida.[4][5][6][7] The merger was officially completed on April 1, 2020.[8][9]

In August, the company's name was announced as Ultimate Kronos Group (UKG), which will become effective on October 1.[10] When discussing the name, Ain said it was chosen as a "reflection to honor our past as we also thought about what we wanted to be in the future [...] We didn't want to lose who we were and what we've achieved." Ain also said the company planned to primarily call itself UKG.[1]

In the recent NBA 2021 season UKG became a jersey sponsor for the Miami Heat.

Ownership

Private equity firm Hellman & Friedman, who was the controlling shareholder of both Ultimate and Kronos, is the controlling shareholder of UKG. The Blackstone Group, which also owned stakes in both previous companies, is the largest minority investor with a 25–20 percent stake.[1][5] Other minority investors include GIC, Canada Pension Plan Investment Board, and JMI Equity.[4]

Products and services

References
  1. Maffei, Lucia (August 28, 2020). "Kronos rebrands after merger with Ultimate Software". Boston Business Journal. Archived from the original on August 30, 2020. Retrieved August 30, 2020.
  2. "Kronos rebrands after merger with Ultimate Software". www.bizjournals.com. Retrieved 2020-12-04.
  3. Maurer, Roy (February 21, 2020). "What Does the Kronos and Ultimate Software Merger Mean for HR?". Society for Human Resource Management. Archived from the original on August 30, 2020. Retrieved August 30, 2020.
  4. "Kronos and Ultimate Software Enter Definitive Merger Agreement Creating Company Valued at $22 Billion" (Press release). Lowell, Massachusetts and Weston, Florida: Kronos Incorporated. Business Wire. February 20, 2020. Archived from the original on August 30, 2020. Retrieved August 30, 2020.
  5. Gottfried, Miriam; Lombardo, Cara (February 20, 2020). "Two Big Workplace-Software Providers to Merge". The Wall Street Journal. Archived from the original on February 20, 2020. Retrieved August 30, 2020.
  6. Lyons, David (February 20, 2020). "Ultimate Software merger will create giant workplace company". Sun-Sentinel. Archived from the original on August 30, 2020. Retrieved August 30, 2020.
  7. Spadafora, Anthony (February 22, 2020). "Kronos and Ultimate Software merger creates one of world's largest cloud companies". TechRadar. Archived from the original on August 30, 2020. Retrieved August 30, 2020.
  8. Reiser, Emon (April 2, 2020). "Ultimate Software, Kronos complete merger". South Florida Business Journal. Archived from the original on August 30, 2020. Retrieved August 30, 2020.
  9. "Kronos and Ultimate Software Complete Merger" (Press release). Lowell, Massachusetts and Weston, Florida: Ultimate Software. Business Wire. April 1, 2020. Archived from the original on August 30, 2020. Retrieved August 30, 2020.
  10. "Kronos and Ultimate Software Unveil Plans to Rebrand as "UKG"" (Press release). Lowell, Massachusetts and Weston, Florida: UKG. Business Wire. August 28, 2020. Archived from the original on August 30, 2020. Retrieved August 30, 2020.
  11. Brandau, Mark (February 21, 2020). "Top Three Takeaways From The Kronos-Ultimate Merger Announcement". Forrester Research. Archived from the original on August 30, 2020. Retrieved August 30, 2020.
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