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UKG
TypePrivate
Industry
Predecessors
FoundedApril 1, 2020; 6 years ago (2020-04-01)
Headquarters
Key people
RevenueIncrease$3.656 billion[1] (2022[1])
Owners
Number of employees
12,000+ (2024)
Websitewww.ukg.com

UKG (Ultimate Kronos Group) is an American multinational technology company with dual headquarters in Lowell, Massachusetts, and Weston, Florida. UKG is the AI-first Workplace Operating Platform with unified HR, payroll, and workforce management services.

History

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On February 20, 2020, Ultimate Software and Kronos Incorporated announced an 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. The merger was officially completed on April 1, 2020,[3][4][5] and, in August, the company's name was announced as Ultimate Kronos Group (UKG), which became effective on October 1.[6] According to Society for Human Resource Management, the new company became one of the largest HR technology vendors in the highly competitive economy section that includes ADP, Ceridian, Taleo, Successfactors, Zoho Corporation and Workday.[7][8]

In December 2021, UKG disclosed that it was targeted by a ransomware attack that was first detected on December 11, 2021. The malware attack affected the Kronos Private Cloud feature used by many large businesses including Boots, Gap Inc., Marriott International, MGM Resorts International, PepsiCo, Sainsbury's, Samsung, Staples Inc., Tesla, Inc., Whole Foods Market, Yamaha Corporation, YMCA, and others while some governmental entities such as the cities of Cleveland, Springfield, Massachusetts as well as the New York Metropolitan Transportation Authority were also affected.[9][10][11][12][13] Many sources reported that the attack possibly occurred as a result of the Log4Shell zero-day, but UKG claimed it had no evidence that Log4Shell was responsible for the ransomware incident.[13][14][11][9]

In July 2024, Jennifer Morgan became chief executive officer.[15]

Workforce—Institute and Activity Report

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Established in 2007, Workforce Institute is the company's think tank and research platform for organizations providing information on Human Capital Management issues, including working environment optimization, analytical and educational tools, accommodation of people with disabilities, and more. The organization also conducts surveys and issues annual reports on global workforce trends and developments.[16][17][18][19]

The Workforce Activity Report is an index that analyzes shift work trends from over four million people across more than 35,000 U.S. businesses. Reports are published, and briefings are held each Tuesday before the Bureau of Labor Statistics Employment Situation Report is published. The Report is widely covered by news organizations and government sources.[20][21][22]

Acquisitions

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Date Acquisition Details Reference
2021 EverythingBenefits Allowed UKG to incorporate EverythingBenefits' procedural knowledge, including its payroll, HR service delivery, and workforce management tools [23]
2021 Great Place to Work Runs Fortune's annual list of 100 Best Companies to Work For [24][25]
2021 Ascentis Corporation Midmarket provider of HCM and time management solutions [26]
2022 SpotCues Employee engagement and communication solution. SpotCues was relaunched as UKG Talk. [27]
2022 Interboro Systems Corporation Caribbean market expansion [27]
2022 Quorbit Oxford-headquartered strategic workforce planning software company [28]
2023 Immedis Irish global payroll platform, relaunched as UKG OneView with a focus on multinational workforce management, payroll, tax and funding [29][30]
2025 Mo UK-based employee recognition and culture-building platform, integrated into UKG Beacon for employee engagement capabilities [31][32]

Ownership

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Private equity firm Hellman & Friedman, which was the controlling shareholder of both Ultimate and Kronos, is the controlling shareholder of UKG.[33] Blackstone, which also owned stakes in both previous companies, is the largest minority investor holding a 20–25 per cent stake.[2][34][better source needed] Other minority investors include GIC, Canada Pension Plan Investment Board, and JMI Equity.[35][better source needed]

Products and services

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Awards and recognition

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  • America's Greatest Workplaces 2023, Newsweek[37]
  • America's Most Innovative Companies 2023, Fortune[38]
  • America's Best Large Employers 2024, Forbes[39]
  • America's Best Employers for Tech Workers 2025, Forbes[40]

References

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  1. 1 2 Feffer, Mark (21 December 2022). "What Inflation? UKG Grows Revenue, Adds Customers". HCM Technology Report.
  2. 1 2 3 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.
  3. ↑ "Kronos, Ultimate Software rebrand as 'UKG' | HR Dive". www.hrdive.com. Retrieved 2025-10-31.
  4. ↑ "Kronos rebrands after merger with Ultimate Software". www.bizjournals.com. 28 August 2020. Retrieved 2020-12-04.
  5. ↑ Reiser, Emon (April 2, 2020). "Ultimate Software, Kronos complete merger". South Florida Business Journal. Retrieved August 30, 2020.{{cite news}}: CS1 maint: deprecated archival service (link)
  6. ↑ Dan Berthiaume (August 31, 2020). "Kronos, Ultimate Software rebrand as new company following merger". CSA. Retrieved August 8, 2026.
  7. ↑ Baranouski, Artsiom (2024-04-05). "Best 10+ AI Tools for HR in Canada: North America Workforce Software - Shalkin Consulting". Retrieved 2024-04-19.
  8. ↑ Maurer, Roy (February 21, 2020). "What Does the Kronos and Ultimate Software Merger Mean for HR?". Society for Human Resource Management. Retrieved August 30, 2020.{{cite web}}: CS1 maint: deprecated archival service (link)
  9. 1 2 Shen, Michelle. "Ransomware attack on Kronos could disrupt how companies pay, manage employees for weeks". USA Today. Retrieved 2021-12-17.
  10. ↑ Byrnes, Jesse (2021-12-14). "Hillicon Valley — Apache vulnerability sets off alarm bells". The Hill. Retrieved 2021-12-17.
  11. 1 2 Korn, Jennifer (16 December 2021). "Kronos ransomware attack could impact employee paychecks and timesheets for weeks". CNN. Retrieved 2021-12-17.
  12. ↑ "Springfield warns of ransomware". masslive. 2021-12-13. Retrieved 2021-12-17.
  13. 1 2 Bray, Hiawatha (15 December 2021). "Emerging 'Log4j' software bug spawns worldwide worry over cyber attacks - The Boston Globe". The Boston Globe. Retrieved 2021-12-17.
  14. ↑ Goodin, Dan (2021-12-13). "As Log4Shell wreaks havoc, payroll service reports ransomware attack". Ars Technica. Retrieved 2021-12-17.
  15. ↑ Lim, Dawn (July 20, 2024). "Blackstone Portfolio Operations Chief Jen Morgan Named UKG CEO". Bloomberg.
  16. ↑ "The Workforce Institute Profile and History". Datanyze.
  17. ↑ "ovid-19's Workplace Impact Study". Workplace Intelligence. 15 September 2020.
  18. ↑ "93% of Indian employees believe they are not heard equally at work: The Workforce Institute at UKG". People Matters. 14 July 2021.
  19. ↑ "A 'Turnover Tsunami' Won't Hit Every Company". Forbes.
  20. ↑ Mena, Bryan (26 July 2023). "The Fed hikes interest rates by a quarter point and hints at another increase this year". CNN.
  21. ↑ "Hiring cools as employers added 209,000 jobs in June - CBS News". www.cbsnews.com. 7 July 2023.
  22. ↑ "Employers Add 236K Jobs in March as Labor Market Downshifts From February's Torrid Pace". Usnews.
  23. ↑ Ranosa, Rachel (2021-06-03). "UKG acquires benefits tech platform EverythingBenefits". Human Resources Director.
  24. ↑ Feffer, Mark (2021-09-01). "UKG Purchases Great Place to Work Institute". HCM Technology Report.
  25. ↑ "UKG CEO lights the way to an A+ workplace for employees". Fortune.
  26. ↑ "UKG Acquires Ascentis Corporation | UKG". www.ukg.com. 9 March 2022. Retrieved 2023-09-20.
  27. 1 2 "UKG Extends Global Reach in Caribbean Market With Acquisition of Interboro Systems Corporation". Bloomberg.com. 28 February 2022.
  28. ↑ FinSMEs (2022-11-10). "UKG Acquires Quorbit". FinSMEs. Retrieved 2022-11-10.
  29. ↑ "Irish tech entrepreneur earns €350m pay-day as US group UKG buys Immedis in €575m deal". Irishtimes.
  30. ↑ "UKG acquires payroll innovator Immedis". UNLEASH. 7 June 2023.
  31. ↑ "UKG's acquisition of Mo brings the 'power of recognition'". UNLEASH. 26 November 2025.
  32. ↑ "UKG Accelerates Global Growth with Strategic Acquisition of UK-based Mo". UKG. 26 November 2025.
  33. ↑ "Kronos, Ultimate Software merge to form $22 bln workplace software co". Yahoo Finance. 2020-02-20. Retrieved 2024-04-19.
  34. ↑ Gottfried, Miriam; Lombardo, Cara (February 20, 2020). "Two Big Workplace-Software Providers to Merge". The Wall Street Journal. Retrieved August 30, 2020.{{cite news}}: CS1 maint: deprecated archival service (link)
  35. ↑ "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.[better source needed]
  36. 1 2 3 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.
  37. ↑ "America's Greatest Workplaces 2023". Newsweek. 5 July 2023.
  38. ↑ "UKG". Fortune. Retrieved 2025-08-21.
  39. ↑ "America's Best Large Employers". Forbes. Retrieved August 8, 2026.
  40. ↑ "Best Employers for Tech Workers". Forbes. Retrieved August 8, 2026.
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