Ultimate Software

2000 Ultimate Way

Weston, FL, 33326, USA

+1 800-432-1729



Recent Developments

Customer count topped 3,500, up from 2,800 in 2015. Projects up to 25% growth in 2016 sales , compared with 22% in 2015.

In September 2016, Ultimate announced that it had acquired San Francisco-based technology company Kanjoya, Inc., a leading workforce intelligence and analytics platform for enterprises. Using the technology acquired through Kanjoya, Ultimate is launching UltiPro Perception to help companies collect, understand, and act on employee feedback. The acquisition underscores Ultimate’s commitment to optimizing the employee experience in order to drive employee performance and engagement.

SCORES Analysis

Ultimate Software Strengths

Since 2010 Ultimate Software has been touting its rock solid performance in the Cloud applications market boasting consistent profitability year after year. By comparison, its peers have continued to rack up huge losses during the same period. What that underscores is Ultimate’s laser focus to drive Cloud applications across its target markets – large and midsized companies with heavy emphasis on expense control.

Between 2010 and 2015, Ultimate’s revenues more than doubled and its operating expenses were in lockstep, never veering off course in search of the next big thing. In the meantime, Ultimate Software has been on the forefront of Cloud-based HCM applications market by continuously enhancing an extensive portfolio of products from core HR to talent management for thousands of companies, while earning their unwavering support along the way.

For more than a decade since Ultimate moved its business model from conventional license sales to software subscription, its recurring revenues have surged over 22 times from $19 million in 2002 to $419 million in 2014. In 2015, its recurring jumped 23% to $516 million. Because of its long track record of selling Cloud applications, Ultimate has perfected the mechanics of supporting a wide array of customers with high retention, which hit 97% in 2016 and has remained over 95% in the past 10 years; and consistent profitability, a rare feat among its competitors.

The solid performance has allowed Ultimate to win an enviable presence in the mid-market. As these customers expand their operations globally, Ultimate has been following them by adding global capabilities such as automated employment contract management, data privacy compliance, and localizations for 34 countries local regulatory compliance support, and enabling payroll processing in any country with a configurable bi-directional payroll connector. Ultimate currently delivers 15 languages including French, German, Spanish, Dutch, Brazilian Portuguese, Malay, and recently added Swedish, Danish, and Finish, and incorporates customer-generated ideas into new features to better support them.

Then there is its flagship product UltiPro, which has expanded in scope from handling Core HR and payroll functions to delivering a complete suite of HCM applications that feature time recording, benefits administration, compensation and performance management, as well as user-centric mobile applications for hiring, onboarding and reporting. As a result, customers have been standardizing on its features resulting in attach rates of up to 86% among enterprise buyers in recent quarters.

Ultimately, the use of multiple products from Ultimate Software translates into just how pervasive it has become among its base of more than 3,500 customers, especially among recent additions with each employing tens of thousands of people. One key indicator is that its cloud environment now covers 30 million people records, up from 10 million in 2012.

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  • Key differentiators
  • Domain Expertise
  • Product portfolio
  • Solution scope

Ultimate Software HCM & Cloud HCM Applications Revenues, $M:

Type/Year 2014 2015 YoY Growth, %
Total Revenues, $M Subscribe Subscribe Subscribe
HCM Applications Revenues, $M Subscribe Subscribe Subscribe
Cloud HCM Applications Revenues, $M Subscribe Subscribe Subscribe

* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.

Ultimate Software 2015 Revenue Breakdown by Type:

Type License Services Hardware Support & Maintenance SaaS
% of Total Revenues Subscribe Subscribe Subscribe Subscribe Subscribe
Revenues, $M Subscribe Subscribe Subscribe Subscribe Subscribe

Ultimate Software 2015 Total & HCM Applications Revenues by Region:

Region % of Total Revenues 2015 Total Revenues, $M 2015 HCM Applications Revenues, $M
North Americas Subscribe Subscribe Subscribe
Latin Americas Subscribe Subscribe Subscribe
EMEA Subscribe Subscribe Subscribe
APAC Subscribe Subscribe Subscribe
Total Subscribe Subscribe Subscribe

Ultimate Software 2015 Direct vs Indirect sales

Region Direct Sales Indirect Sales Total
Type % Subscribe Subscribe Subscribe
Revenues, $M Subscribe Subscribe Subscribe

Ultimate Software Customers

No. of Customers: Subscribe

No. of HCM Applications Customers: Subscribe

No. of Cloud HCM Customers: Subscribe

No. of Cloud HCM Subscribers: Subscribe

Don't Miss our Customer Database

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  • Reference wins across regions
  • Customer Size segments
  • Customer wins momentum

Ultimate Software Opportunities

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  • Market Opportunities at the vertical and subvertical levels
  • Mergers and Acquisitions (M&A), Funding
  • Geo Expansions

Ultimate Software Risks

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  • Ability to handle internal and external risk and challenges

Ultimate Software Ecosystem

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  • Health of ecosystem
  • Network Effects of BPO, ISV, SI
  • VAR Partners
  • Direct vs Indirect sales

Ultimate Software Cloud Platform (PaaS) & Infrastructure (IaaS) Details

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  • Cloud Infrastructure (IaaS)
  • Cloud Platform (PaaS)
  • Cloud Application delivery (SaaS)
  • Data Center (Hosting)

Research Methodology

Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.

Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).

For additional information on our methodologies, here's the link:




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