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Financials

Kronos, Ultimate Software merge to form $22 bln workplace software co

Feb 20 (Reuters) - HR application software providers Kronos Inc and Ultimate Software Group Inc said on Thursday they would merge to form a cloud-based workforce management company valued at $22 billion.

Private equity firm Hellman & Friedman LLC (H&F), the controlling shareholder of both Kronos and Ultimate, will have a controlling stake in the combined company as well.

The all-stock merger, which has been approved by boards of both companies, is expected to close at the end of March.

Hellman & Friedman had earlier taken Kronos private in 2007 for $1.8 billion.

Aron Ain, chief executive officer of Kronos, will be the CEO of the new company, with joint headquarters in Lowell, Massachusetts and Weston, Florida.

Morgan Stanley and Goldman Sachs were financial advisers for Kronos and Ultimate Software respectively. (Reporting by Ayanti Bera in Bengaluru; Editing by Shailesh Kuber)

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