Ultimate Software to go private in $11 billion acquisition

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Ultimate Software (NASD: ULTI), a developer of cloud-based human capital management and employee experience software, agreed to be acquired by an investor group led by private equity investment firm Hellman & Friedman. The investor group also includes Blackstone Group LP, GIC Pte Ltd, Canada Pension Plan Investment Board and JMI Equity.

Upon completion of the transaction, Ultimate will operate as a privately held company under the leadership of current president and CEO Scott Scherr and the existing senior management team.

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