Ultimate Software Among HCM Top 500

2000 Ultimate Way

Weston, FL, 33326, USA

+1 800-432-1729


List of Verified Ultimate Software Customers

Ultimate Software Recent Developments

Customer count topped 3,700, up from 2,800 in 2015. Achieved 26% growth in 2016 sales and projects a 20% revenue growth for 2017. In 2017, Ultimate introduced Xander, Ultimate's people-first artificial intelligence (AI) platform that leverages Natural Language Processing (NLP) and advanced machine learning technology that can analyze both structured data elements along with employee sentiment in real time and deliver insight to intelligently understand, predict, and act on workforce data. Ultimate launched UltiPro Perception based on technology acquired through the Kayjoya acquisition, leveraging Xander to help companies collect, understand, and act on employee feedback. More recently, Ultimate announced Leadership Actions prescriptive analytics fueled by Xander. These solutions underscore Ultimate’s commitment to optimizing the employee experience in order to drive employee performance and engagement. In 2017, Ultimate also introduced UltiPro Workforce Management as well as UltiPro Connect, Ultimate’s all-new centralized integration hub designed to simplify and standardize integrations to UltiPro with includes a marketplace.

Ultimate Software M&A Activities

Acquired Kanjoya for workforce intelligence and analytics in 2016.

Ultimate Software Key Cloud & HCM Applications

UltiPro Compensation Management, UltiPro Core HR and Payroll, UltiPro Talent Acquisition, UltiPro Talent Management, UltiPro Time Management,

SCORES Analysis

Ultimate Software Strengths

In 2017, Ultimate Software, which has become one of the most popular Core HR and Payroll vendors in the Cloud, leveraged the advanced AI technology from the Kanjoya acquisiton to beome a leader in leveraging artificial intelligence optimize the employee experience in order to drive employee performance and engagement. 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 HCM Cloud applications across its target markets – large and midsized companies with heavy emphasis on expense control. Between 2012 and 2016, 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 first half of 2017, Ultimate’s total revenues reached $453 million as it aims to become a $1-billion vendor by 2018.
Meanwhile, 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 $516 million in 2015. In 2016, its recurring jumped 26% to $654 million. In 2017 recurring revenues from cloud offering grew by 22% for the fourth quarter of 2017 and by 23% for the 2017 year—both as compared with the same periods in 2016. Recurring revenues were 85% of total revenues for the 2017 year, as compared with 84% of total revenues for the 2016 year.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 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 37 countries local regulatory compliance support, and enabling payroll processing in any country with a configurable bi-directional payroll connector. Ultimate currently delivers 14 languages including French, German, Spanish, Dutch, Brazilian Portuguese, Malay, 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 4100 customers, especially among recent additions with each employing tens of thousands of people. One key indicator is that its cloud environment now covers 37 million employee 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 2016 2017 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 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 Total & HCM Applications Revenues by Region:

Region % of Total Revenues 2017 Total Revenues, $M 2017 HCM Applications Revenues, $M
Americas Subscribe Subscribe Subscribe
EMEA Subscribe Subscribe Subscribe
APAC Subscribe Subscribe Subscribe
Total Subscribe Subscribe Subscribe

Ultimate Software 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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