{ "schema_version": "v2", "vertical": "hr_media", "side": "sell", "layout_id": "hr_media_sell_v1", "layout_hints": { "hero_component": "three_asset_split", "empty_state": "asset_unavailable", "language_frame": "seller_perspective" }, "generated_at": "2026-04-09T05:18:32.094905+00:00", "generator": "traced_buyer_run_v2", "_pipeline_version": "v2.0.0-br4", "_llm_provenance": { "primary": "claude", "fallback_allowed": false }, "llm_model_used": "claude", "buyer_name": "ukg", "buyer_slug": "ukg", "buyer_type": "unknown", "buyer_tier": 2, "buyer_city": null, "buyer_state": null, "buyer_country": "USA", "logo_domain": null, "ticker": null, "fit_score": null, "financial_data": { "market_cap": null, "stock_price": null, "ttm_revenue": 3000000000.0, "ttm_ebitda": null, "valuation_range": { "low": 1000000000.0, "high": 1140000000.0, "most_likely": 1000000000.0, "unit": "USD", "confidence": "medium", "observation_count": 2, "outliers_dropped": 2, "source_urls": [ "http://www.tracxn.com/d/companies/ukg/__ZO9dzGUIOQGwDC-s9g1YgoWsvg8A_Q9XZSG-dUFkRG4", "https://www.ukg.com/about-us/newsroom/ukg-exceeds-bookings-goals-achieve-record-fiscal-2023" ], "methodology_note": "Tier 2 PE-backed. Sponsors: unknown. Valuation sourced from public press releases and major financial press via Exa.ai. No LLM in extraction path — regex + heuristic context classification only." }, "confidence_by_field": { "market_cap": "missing", "stock_price": "missing", "ttm_revenue": "low", "ttm_ebitda": "missing" }, "source_url_by_field": { "ttm_revenue": "https://www.ukg.com/about-us/newsroom/strong-close-fiscal-year-ukg-approaches-3-billion-revenue" }, "as_of": null, "data_source": "private_scraper", "confidence": "low", "pe_clock": { "buyer_type": "pe_backed", "sponsors": [], "notes": "", "take_private_date": null, "disclosed_ev_usd": null, "disclosed_ev_source": null }, "employee_count_approx": { "value": 12000.0, "confidence": "low", "sources": [ "https://compworth.com/company/ukg-ultimate-kronos-group" ] }, "source_urls": [ "https://www.ukg.com/about-us/newsroom/strong-close-fiscal-year-ukg-approaches-3-billion-revenue" ], "_credit_rating": "B-", "_credit_rating_agency": "S&P", "_credit_rating_source": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-UKG-Inc-Outlook-Revised-To-Negative-Amid-Weak-Credit-Metrics-Limited-Cushion-For-Underperformance-Ratings-Affirmed-2977816", "_credit_rating_source_tier": "A", "_leverage_ratio_from_rating": 6.0, "_leverage_ratio_source": "https://finance.yahoo.com/news/ukg-inc-moodys-announces-completion-220410715.html", "_ratings_confidence": "high", "_all_ratings_observed": [ { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-UKG-Inc-Outlook-Revised-To-Negative-Amid-Weak-Credit-Metrics-Limited-Cushion-For-Underperformance-Ratings-Affirmed-2977816", "source_tier": "A", "context_snippet": "try |\n| Region |\n| Format: |\n\nEnter the keyword(s) you would like to search for within this report:\n\nUKG Inc.'s Proposed $400 Million Non-Fungible Incremental First-Lien Term Loan Due May 2026 Rated '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-2862750", "source_tier": "A", "context_snippet": "eak Credit Metrics, Limited Cushion For Underperformance; Ratings Affirmed– 2023/04/25 – US$ 225.00\n\nUKG Inc.'s Proposed $400 Million Non-Fungible Incremental First-Lien Term Loan Due May 2026 Rated '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-2862750", "source_tier": "A", "context_snippet": "0 Million Non-Fungible Incremental First-Lien Term Loan Due May 2026 Rated 'B-' (Recovery: '3')– 2023/05/23 – US$ 150.00\n\nUKG Inc. Outlook Revised To Stable From Negative On Improving Credit Metics; '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-s-Proposed-400-Million-Non-Fungible-Incremental-First-Lien-Term-Loan-Due-May-2026-Rated-B-Recovery-3-2990640", "source_tier": "A", "context_snippet": "UKG Inc.'s Proposed $400 Million Non-Fungible Incremental First-Lien Term Loan Due May 2026 Rated 'B-' (Recovery: '3') - 2023/05/23 - S&P Global Ratings’ Credit Research\n\n- distiller\n\n| CREDIT RATINGS" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-s-Proposed-400-Million-Non-Fungible-Incremental-First-Lien-Term-Loan-Due-May-2026-Rated-B-Recovery-3-2990640", "source_tier": "A", "context_snippet": "RTS | COUNTRY PROFILES | M&A INFO | BROWSE |\n| --- | --- | --- | --- | --- | --- |\n\n- | login\n- |\n\n# UKG Inc.'s Proposed $400 Million Non-Fungible Incremental First-Lien Term Loan Due May 2026 Rated '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-s-Proposed-400-Million-Non-Fungible-Incremental-First-Lien-Term-Loan-Due-May-2026-Rated-B-Recovery-3-2990640", "source_tier": "A", "context_snippet": "$400 Million Non-Fungible Incremental First-Lien Term Loan Due May 2026 Rated 'B-' (Recovery: '3')\n\nUKG Inc.'s Proposed $400 Million Non-Fungible Incremental First-Lien Term Loan Due May 2026 Rated 'B" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-s-Proposed-400-Million-Non-Fungible-Incremental-First-Lien-Term-Loan-Due-May-2026-Rated-B-Recovery-3-2990640", "source_tier": "A", "context_snippet": "2023\n\n--4 pages (1827 words) — Published May 23, 2023\n\nPrice US$ 150.00 | Buy this Report Now\n\n## About This Report\n\nNEW YORK (S&P Global Ratings) May 23, 2023--S&P Global Ratings today assigned its '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-s-Proposed-400-Million-Non-Fungible-Incremental-First-Lien-Term-Loan-Due-May-2026-Rated-B-Recovery-3-2990640", "source_tier": "A", "context_snippet": "erm loan due May 2026. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. At the same time, we affirmed our '" }, { "rating": "CCC", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-s-Proposed-400-Million-Non-Fungible-Incremental-First-Lien-Term-Loan-Due-May-2026-Rated-B-Recovery-3-2990640", "source_tier": "A", "context_snippet": "we affirmed our 'B-' issue-level rating on the company's existing first-lien senior secured debt, which will rank pari passu with this proposed incremental non-fungible first-lien term loan, and our '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-s-Proposed-400-Million-Non-Fungible-Incremental-First-Lien-Term-Loan-Due-May-2026-Rated-B-Recovery-3-2990640", "source_tier": "A", "context_snippet": "S |\n| Sector |\n| Country |\n| Region |\n| Format: |\n\nEnter the keyword(s) you would like to search for within this report:\n\nUKG Inc. Outlook Revised To Stable From Negative On Improving Credit Metics; '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-s-Proposed-400-Million-Non-Fungible-Incremental-First-Lien-Term-Loan-Due-May-2026-Rated-B-Recovery-3-2990640", "source_tier": "A", "context_snippet": "ised To Stable From Negative On Improving Credit Metics; 'B-' Rating Affirmed– 2024/01/22 – US$ 150.00\n\n[Research Update: UKG Inc. Outlook Revised To Stable From Negative On Improving Credit Metics; '" }, { "rating": "CCC", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/The-Ultimate-Software-Group-Inc-s-New-Debt-Rated-On-Refinancing-Of-Kronos-Inc-s-Debt-2462688", "source_tier": "A", "context_snippet": "credit facility (upsized from $275 million). The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 70%) recovery in the event of default. We also assigned our 'C" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/The-Ultimate-Software-Group-Inc-s-New-Debt-Rated-On-Refinancing-Of-Kronos-Inc-s-Debt-2462688", "source_tier": "A", "context_snippet": "or |\n| Country |\n| Region |\n| Format: |\n\nEnter the keyword(s) you would like to search for within this report:\n\nUKG Inc. (Formerly The Ultimate Software Group Inc.) First-Lien Debt Rating Lowered To '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-Formerly-The-Ultimate-Software-Group-Inc-First-Lien-Debt-Rating-Lowered-To-B-On-Repricing-And-Upsizing-2580693", "source_tier": "A", "context_snippet": "UKG Inc. (Formerly The Ultimate Software Group Inc.) First-Lien Debt Rating Lowered To 'B-' On Repricing And Upsizing - 2021/01/15 - S&P Global Ratings’ Credit Research\n\n- distiller\n\n| CREDIT RATINGS " }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-Formerly-The-Ultimate-Software-Group-Inc-First-Lien-Debt-Rating-Lowered-To-B-On-Repricing-And-Upsizing-2580693", "source_tier": "A", "context_snippet": "OMPANY REPORTS | COUNTRY PROFILES | M&A INFO | BROWSE |\n| --- | --- | --- | --- | --- | --- |\n\n- | login\n- |\n\n# UKG Inc. (Formerly The Ultimate Software Group Inc.) First-Lien Debt Rating Lowered To '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-Formerly-The-Ultimate-Software-Group-Inc-First-Lien-Debt-Rating-Lowered-To-B-On-Repricing-And-Upsizing-2580693", "source_tier": "A", "context_snippet": ". (Formerly The Ultimate Software Group Inc.) First-Lien Debt Rating Lowered To 'B-' On Repricing And Upsizing\n\nUKG Inc. (Formerly The Ultimate Software Group Inc.) First-Lien Debt Rating Lowered To '" }, { "rating": "B-", "agency": "S&P", "source": "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-Formerly-The-Ultimate-Software-Group-Inc-First-Lien-Debt-Rating-Lowered-To-B-On-Repricing-And-Upsizing-2580693", "source_tier": "A", "context_snippet": "ing indicates our expectation of meaningful (50%-70%; rounded estimate: 65%) recovery for lenders in the event of a payment default. At the same time, we lowered our rating on the first-lien debt to '" } ] }, "financials": { "data_source": "private_scraper", "confidence": "low", "market_cap": null, "market_cap_unit": null, "stock_price": null, "ttm_revenue": 3000000000.0, "revenue_unit": null, "ttm_ebitda": null, "valuation_range": { "low": 1000000000.0, "high": 1140000000.0, "most_likely": 1000000000.0, "unit": "USD", "confidence": "medium", "observation_count": 2, "outliers_dropped": 2, "source_urls": [ "http://www.tracxn.com/d/companies/ukg/__ZO9dzGUIOQGwDC-s9g1YgoWsvg8A_Q9XZSG-dUFkRG4", "https://www.ukg.com/about-us/newsroom/ukg-exceeds-bookings-goals-achieve-record-fiscal-2023" ], "methodology_note": "Tier 2 PE-backed. Sponsors: unknown. Valuation sourced from public press releases and major financial press via Exa.ai. No LLM in extraction path — regex + heuristic context classification only." }, "as_of_date": null, "source_urls": [ "https://www.ukg.com/about-us/newsroom/strong-close-fiscal-year-ukg-approaches-3-billion-revenue" ] }, "three_asset_split": { "asset_a_domain": { "fit_score": null, "fit_rationale": null, "valuation_range": { "low": 15000000, "high": 20000000, "point_estimate": null, "unit": "USD", "methodology_note": "Seller broker range for two-letter .com", "confidence": "low", "source_urls": [] }, "valuation_methodology": "broker_comps_two_letter_com", "integration_complexity": null, "deal_killer": null, "timing_window": null, "approach_path": null, "confidence": "low", "source_urls": [] }, "asset_b_media": { "fit_score": null, "fit_rationale": null, "valuation_range": { "low": 9000000, "high": 45000000, "point_estimate": null, "unit": "USD", "methodology_note": "Source: 2022 HR.com process range, per Debbie 2026-03-23", "confidence": "low", "source_urls": [] }, "valuation_methodology": "insufficient_data", "integration_complexity": null, "deal_killer": null, "timing_window": null, "approach_path": null, "confidence": "low", "source_urls": [] }, "asset_c_platform": { "fit_score": null, "fit_rationale": null, "valuation_range": { "low": null, "high": null, "point_estimate": null, "unit": "USD", "methodology_note": null, "confidence": "low", "source_urls": [] }, "valuation_methodology": "insufficient_data", "integration_complexity": null, "deal_killer": null, "timing_window": null, "approach_path": null, "confidence": "low", "source_urls": [] } }, "golden_nuggets": [], "sections": { "deal_killer": { "section_id": "deal_killer", "applicable": false, "reason": "insufficient_multi_phrase_evidence", "primary_killer": null, "explanation": null, "evidence_quotes": [], "confidence": "missing", "source_urls": [], "_renderer_warnings": [ "deal_killer: no defensible killer found in corpus or financial data; returning applicable=False with reason=insufficient_multi_phrase_evidence." ] }, "competitive_moat": { "section_id": "competitive_moat", "applicable": true, "reason": null, "moat_type": "scale", "strength": "strong", "observed_moat_signals": [ { "type": "scale", "matched_phrases": [ "enterprise customers" ], "excerpt": "“We are particularly thrilled to welcome so many new and existing large enterprise customers to the UKG Pro Workforce Management suite this quarter, along with their millions of employees all over the", "source": "https://www.ukg.com/company/newsroom/large-deals-workforce-management-leadership-drive-ukg-third-quarter-fiscal-2024-results" }, { "type": "scale", "matched_phrases": [ "dominant position" ], "excerpt": "“With real-time access to information such as retention and turnover, we’re able to make smarter decisions about our staff and staffing levels as well as our finances and payroll, and where we can dep", "source": "https://www.ukg.com/company/newsroom/ukg-recognized-leader-2025-gartnerr-magic-quadranttm-cloud-hcm-suites-1000-employee-enterprises-third-consecutive-year" }, { "type": "scale", "matched_phrases": [ "enterprise customers" ], "excerpt": "“We are particularly thrilled to welcome so many new and existing large enterprise customers to the UKG Pro Workforce Management suite this quarter, along with their millions of employees all over the", "source": "https://www.businesswire.com/news/home/20240926554709/en/Large-Deals-Workforce-Management-Leadership-Drive-UKG-Third-Quarter-Fiscal-2024-Results" } ], "evidence_quotes": [ { "speaker": "ukg (corpus source)", "text": "“We are particularly thrilled to welcome so many new and existing large enterprise customers to the UKG Pro Workforce Management suite this quarter, along with their millions of employees all over the world.”\n\nThird Quarter 2024 Business Highlights\n\n- Rachel Barger joined as UKG President, GTM, on May 13 to lead sales, marketing, and customer relationship management.", "source_url": "https://www.ukg.com/company/newsroom/large-deals-workforce-management-leadership-drive-ukg-third-quarter-fiscal-2024-results", "verified": true, "verified_reason": "high", "moat_type": "scale", "matched_phrases": [ "enterprise customers" ] }, { "speaker": "ukg (corpus source)", "text": "“With real-time access to information such as retention and turnover, we’re able to make smarter decisions about our staff and staffing levels as well as our finances and payroll, and where we can deploy HR resources that will deliver the greatest returns.”\n\nUKG is a trusted workforce management provider across various industry sectors with a dominant position for organizations with frontline workers, which represent 80% of the global workforce, including retail, healthcare, hospitality, manufacturing, and logistics companies.", "source_url": "https://www.ukg.com/company/newsroom/ukg-recognized-leader-2025-gartnerr-magic-quadranttm-cloud-hcm-suites-1000-employee-enterprises-third-consecutive-year", "verified": true, "verified_reason": "high", "moat_type": "scale", "matched_phrases": [ "dominant position" ] }, { "speaker": "ukg (corpus source)", "text": "“We are particularly thrilled to welcome so many new and existing large enterprise customers to the UKG Pro Workforce Management suite this quarter, along with their millions of employees all over the world.”\n\nThird Quarter 2024 Business Highlights\n\n- Forbes included UKG on its America’s Best Employers for Diversity list for the second year in a row.", "source_url": "https://www.businesswire.com/news/home/20240926554709/en/Large-Deals-Workforce-Management-Leadership-Drive-UKG-Third-Quarter-Fiscal-2024-Results", "verified": true, "verified_reason": "high", "moat_type": "scale", "matched_phrases": [ "enterprise customers" ] } ], "confidence": "high", "source_urls": [ "https://www.ukg.com/company/newsroom/large-deals-workforce-management-leadership-drive-ukg-third-quarter-fiscal-2024-results", "https://www.businesswire.com/news/home/20240926554709/en/Large-Deals-Workforce-Management-Leadership-Drive-UKG-Third-Quarter-Fiscal-2024-Results", "https://www.ukg.com/company/newsroom/ukg-recognized-leader-2025-gartnerr-magic-quadranttm-cloud-hcm-suites-1000-employee-enterprises-third-consecutive-year" ], "_renderer_warnings": [] }, "integration_post_mortem": { "section_id": "integration_post_mortem", "applicable": true, "prior_deals": [ { "name": "ukg acquisition (2024)", "year": 2024, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "ukg acquisition record", "text": "Consulting Group\n\nVista Venture Partners\n\nPitchfest\n\nW Capital Management\n\nJMI Equity\n\nRounds\n\n1\n\nAcquired\n\nSubscribe to see more\n\nSubscribe to see more\n\nSubscribe to see more\n\nSubscribe to see more\n\nBoard Seats\n\nType\n\nCorporation\n\nVenture Capital\n\nBusiness Plan Competition\n\nPrivate Equity\n\nGrowth E", "source_url": "https://www.cbinsights.com/company/ukg/financials", "verified": true, "verified_reason": "high" } ] }, { "name": "ukg acquisition (2025)", "year": 2025, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "ukg acquisition record", "text": "model.\n\nTotal Funding\n\nNote\n\nSources\n\n12/12/2025\n\nSeries B\n\nInova Payroll\n\n$XXM\n\n$9.36M\n\nAcquired\n\n4\n\n11/5/2025\n\nPrivate Equity\n\nMo\n\n$XXM\n\n$7.26M\n\nAcquired\n\n3\n\n11/4/2025\n\nSeed / Angel\n\nChattr\n\n$XXM\n\n$3.9M\n\nAcquired\n\n2\n\n5/30/2025\n\nSeries B\n\nSubscribe to see more\n\n$XXM\n\n$XXM\n\nSubscribe to see more\n\n10", "source_url": "https://www.cbinsights.com/company/ukg/financials", "verified": true, "verified_reason": "high" } ] }, { "name": "ukg acquisition (year unknown)", "year": null, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "ukg acquisition record", "text": "mission to help organizations create stronger, more connected, and more human workplaces.”\n\nThe acquisition of Mo follows Mo’s participation in UKG Labs, which accelerates innovation by connecting UKG customers with early stage start-ups, and supports UKG's vision for human-centered innovations that", "source_url": "https://www.businesswire.com/news/home/20251104859249/en/UKG-Launches-UKG-Beacon-and-Expands-AI-Powered-Capabilities-in-UKG-Ready-to-Transform-Small-and-Midsized-Business-Operations", "verified": true, "verified_reason": "high" } ] }, { "name": "ukg acquisition (2021)", "year": 2021, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "ukg acquisition record", "text": "initiatives such as the Close the Gap Initiative, which addresses salary inequities, and the acquisition of Great Place to Work in 2021.\n\n## Basic Information\n\n| Industry | Information technology & services |\n| --- | --- |\n| Founded | 2020 |\n| Revenue | $3.7B |\n| Headquarters | 900 Chelmsford St, Lo", "source_url": "https://bitscale.ai/directory/ukg", "verified": true, "verified_reason": "high" } ] }, { "name": "ukg acquisition (2007)", "year": 2007, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "ukg acquisition record", "text": "SIC Codes: 73, 737\n- NAICS Codes: 54, 541\n\n## Financials\n- Annual Revenue: USD 4,700,000,000\n- Acquired by: Hellman & Friedman (2007-03-23) for USD 1,800,000,000\n- Acquired Inova Payroll, Inc. (2025-12-01)\n- Acquired Shiftboard (2025-06-02)\n- Acquired Shiftboard, Inc. (2025-06-01)\n- Acquired Immedis", "source_url": "https://ukg.com/", "verified": true, "verified_reason": "high" } ] }, { "name": "ukg acquisition (2020)", "year": 2020, "outcome": "troubled", "outcome_signals": [ "troubled:rebrand" ], "evidence_quotes": [ { "speaker": "ukg acquisition record", "text": "LINE\nUltimate Software, a human capital management (HCM) software leader, recently completed \nits merger with Kronos Incorporated, a longstanding provider of workforce management \n(WFM) and HCM solutions. Over the past five months, the combined companies have \ncreated a new branding strategy, includ", "source_url": "https://nucleusresearch.com/wp-content/uploads/2020/09/u126-Ultimate-Software-and-Kronos-Rebrand-as-UKG.pdf", "verified": true, "verified_reason": "high" } ] } ], "integration_pattern": "troubled", "bandwidth_exhaustion_risk": "high", "explanation": "Found 6 prior adjacent acquisition reference(s) for ukg in the source corpus. Evidence suggests at least one acquisition faced public friction, lawsuits, executive departures, or missed milestones. Bandwidth exhaustion risk is HIGH: 2 in-flight integration(s) detected in the last 24 months — absorbing HR.com simultaneously would be operationally demanding.", "evidence_quotes": [ { "speaker": "ukg acquisition record", "text": "Consulting Group\n\nVista Venture Partners\n\nPitchfest\n\nW Capital Management\n\nJMI Equity\n\nRounds\n\n1\n\nAcquired\n\nSubscribe to see more\n\nSubscribe to see more\n\nSubscribe to see more\n\nSubscribe to see more\n\nBoard Seats\n\nType\n\nCorporation\n\nVenture Capital\n\nBusiness Plan Competition\n\nPrivate Equity\n\nGrowth E", "source_url": "https://www.cbinsights.com/company/ukg/financials", "verified": true, "verified_reason": "high" }, { "speaker": "ukg acquisition record", "text": "model.\n\nTotal Funding\n\nNote\n\nSources\n\n12/12/2025\n\nSeries B\n\nInova Payroll\n\n$XXM\n\n$9.36M\n\nAcquired\n\n4\n\n11/5/2025\n\nPrivate Equity\n\nMo\n\n$XXM\n\n$7.26M\n\nAcquired\n\n3\n\n11/4/2025\n\nSeed / Angel\n\nChattr\n\n$XXM\n\n$3.9M\n\nAcquired\n\n2\n\n5/30/2025\n\nSeries B\n\nSubscribe to see more\n\n$XXM\n\n$XXM\n\nSubscribe to see more\n\n10", "source_url": "https://www.cbinsights.com/company/ukg/financials", "verified": true, "verified_reason": "high" }, { "speaker": "ukg acquisition record", "text": "mission to help organizations create stronger, more connected, and more human workplaces.”\n\nThe acquisition of Mo follows Mo’s participation in UKG Labs, which accelerates innovation by connecting UKG customers with early stage start-ups, and supports UKG's vision for human-centered innovations that", "source_url": "https://www.businesswire.com/news/home/20251104859249/en/UKG-Launches-UKG-Beacon-and-Expands-AI-Powered-Capabilities-in-UKG-Ready-to-Transform-Small-and-Midsized-Business-Operations", "verified": true, "verified_reason": "high" }, { "speaker": "ukg acquisition record", "text": "initiatives such as the Close the Gap Initiative, which addresses salary inequities, and the acquisition of Great Place to Work in 2021.\n\n## Basic Information\n\n| Industry | Information technology & services |\n| --- | --- |\n| Founded | 2020 |\n| Revenue | $3.7B |\n| Headquarters | 900 Chelmsford St, Lo", "source_url": "https://bitscale.ai/directory/ukg", "verified": true, "verified_reason": "high" }, { "speaker": "ukg acquisition record", "text": "SIC Codes: 73, 737\n- NAICS Codes: 54, 541\n\n## Financials\n- Annual Revenue: USD 4,700,000,000\n- Acquired by: Hellman & Friedman (2007-03-23) for USD 1,800,000,000\n- Acquired Inova Payroll, Inc. (2025-12-01)\n- Acquired Shiftboard (2025-06-02)\n- Acquired Shiftboard, Inc. (2025-06-01)\n- Acquired Immedis", "source_url": "https://ukg.com/", "verified": true, "verified_reason": "high" }, { "speaker": "ukg acquisition record", "text": "LINE\nUltimate Software, a human capital management (HCM) software leader, recently completed \nits merger with Kronos Incorporated, a longstanding provider of workforce management \n(WFM) and HCM solutions. Over the past five months, the combined companies have \ncreated a new branding strategy, includ", "source_url": "https://nucleusresearch.com/wp-content/uploads/2020/09/u126-Ultimate-Software-and-Kronos-Rebrand-as-UKG.pdf", "verified": true, "verified_reason": "high" } ], "confidence": "medium", "source_urls": [ "https://bitscale.ai/directory/ukg", "https://nucleusresearch.com/wp-content/uploads/2020/09/u126-Ultimate-Software-and-Kronos-Rebrand-as-UKG.pdf", "https://ukg.com/", "https://www.businesswire.com/news/home/20251104859249/en/UKG-Launches-UKG-Beacon-and-Expands-AI-Powered-Capabilities-in-UKG-Ready-to-Transform-Small-and-Midsized-Business-Operations", "https://www.cbinsights.com/company/ukg/financials" ], "_renderer_warnings": [], "hr_adjacent_count": 6, "hr_adjacent_deals": [ { "name": "ukg acquisition (2024)", "year": 2024 }, { "name": "ukg acquisition (2025)", "year": 2025 }, { "name": "ukg acquisition (year unknown)", "year": null }, { "name": "ukg acquisition (2021)", "year": 2021 }, { "name": "ukg acquisition (2007)", "year": 2007 }, { "name": "ukg acquisition (2020)", "year": 2020 } ] }, "advertiser_cannibalization": { "section_id": "advertiser_cannibalization", "applicable": true, "cannibalization_risk": "high", "overlapping_advertisers": [ "ADP", "G-P", "ERIN", "Iron Mountain" ], "explanation": "ukg corpus mentions 4 known HR.com advertiser(s): ADP, G-P, ERIN, Iron Mountain. An acquisition would mean the buyer is purchasing a media property where they (or their portfolio companies) actively advertise, creating cannibalization risk: post-close, those ad budgets would flow internally rather than generating third-party revenue for the combined entity.", "evidence_quotes": [ { "speaker": "ERIN mention in buyer source corpus", "text": "support club business operations and the management of 2,000+ employees, powering excellence on and off the field The Philadelphia Phillies announced that UKG , a leading global AI platform unifying H", "source_url": "https://www.cbinsights.com/investor/ukg", "verified": true, "verified_reason": "high" }, { "speaker": "Iron Mountain mention in buyer source corpus", "text": "and highly configurable\n\nRead more\n\n### UKG Pro Workforce Management Helps Iron Mountain Drive Workforce Agility and Engagement\n\nUKG Pro Workforce Management helps Iron Mountain India driving workforce agilit", "source_url": "https://www.ukg.in/", "verified": true, "verified_reason": "high" } ], "confidence": "high", "source_urls": [ "https://www.cbinsights.com/investor/ukg", "https://www.ukg.in/" ], "_renderer_warnings": [] }, "pe_clock_ipo_window": { "section_id": "pe_clock_ipo_window", "applicable": true, "reason": null, "status": "pe_owned", "pe_firm": "Hellman & Friedman (lead), Blackstone, JMI Equity, GIC, CPP Investments", "years_into_hold": 6, "typical_hold_years": 6, "urgency": "critical", "ipo_window": null, "explanation": "ukg is PE-owned by Hellman & Friedman (lead), Blackstone, JMI Equity, GIC, CPP Investments. Entry date 2020-04-01; approximately 6 year(s) into hold. Typical hold for this fund type: 6 years. Fund is at or past typical hold period — exit pressure is critical. Projected exit window: 2026-2028.", "evidence_quotes": [ { "speaker": "ukg PE/IPO signal from source corpus", "text": "HR service delivery, and workforce management solutions.\n* Acquiredby\nHellman & Friedman Logo\nHellman & Friedman\n\n* Lowell,Massachusetts,United States\n* 10001+\n* Private\n* www.ukg.com\n* 94,", "source_url": "https://www.crunchbase.com/organization/ukg", "verified": true, "verified_reason": "high" }, { "speaker": "ukg PE/IPO signal from source corpus", "text": "company has 28405 active competitors, including 229 funded and 1375 that have exited. Its top competitors include companies like CIEL HR, TriNet and Alera Group.\n\n### Company Details\n\nWebsite www.ukg.co", "source_url": "http://www.tracxn.com/d/companies/ukg/__ZO9dzGUIOQGwDC-s9g1YgoWsvg8A_Q9XZSG-dUFkRG4", "verified": true, "verified_reason": "high" }, { "speaker": "ukg PE/IPO signal from source corpus", "text": "[source: https://www.ukg.com/company/newsroom/ukg-hits-1-billion-revenue-first-quarter-fiscal-2023]\nUKG Newsroom | HR technology news and workforce innovation | UKG\n\n \n\n# Innov", "source_url": "https://www.ukg.com/company/newsroom/ukg-hits-1-billion-revenue-first-quarter-fiscal-2023", "verified": true, "verified_reason": "high" } ], "confidence": "high", "source_urls": [ "https://en.wikipedia.org/wiki/UKG", "https://hf.com/kronos-and-ultimate-software-complete-merger/", "https://www.businesswire.com/news/home/20200220005670/en/Kronos-and-Ultimate-Software-Enter-Definitive-Merger-Agreement-Creating-Company-Valued-at-%2422-Billion", "https://www.nasdaqprivatemarket.com/company/ukg/", "https://mergr.com/hellman-&-friedman-acquires-ukg" ], "_renderer_warnings": [] }, "employee_retention_post_acquisition": { "section_id": "employee_retention_post_acquisition", "applicable": true, "reason": null, "risk_assessment": "unknown", "observed_post_acquisition_patterns": [], "evidence_quotes": [], "hrcom_tenure_concern": "Employees with 20-30 year tenure. Debbie wants them protected post-sale.", "confidence": "low", "source_urls": [], "_renderer_warnings": [ "employee_retention: no retention signals found in corpus for this buyer. Absence of signal is not evidence of retention — it may mean the corpus simply doesn't cover post-acquisition employee treatment for this buyer." ] }, "balance_sheet_financials": { "section_id": "balance_sheet_financials", "applicable": true, "reason": null, "cash_and_equivalents": null, "total_debt": null, "longterm_debt": null, "net_debt": null, "net_debt_interpretation": "unknown", "leverage_ratio_net_debt_to_ebitda": 6.0, "leverage_health": "elevated", "acquisition_capacity_vs_hrcom": "unknown", "ebit_ttm": null, "ebit_as_ebitda_proxy": false, "credit_rating": "B-", "credit_rating_agency": "S&P", "credit_rating_source": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-UKG-Inc-Outlook-Revised-To-Negative-Amid-Weak-Credit-Metrics-Limited-Cushion-For-Underperformance-Ratings-Affirmed-2977816", "credit_rating_source_tier": "A", "leverage_from_rating": 6.0, "ratings_confidence": "high", "evidence_quotes": [], "source_url": "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-UKG-Inc-Outlook-Revised-To-Negative-Amid-Weak-Credit-Metrics-Limited-Cushion-For-Underperformance-Ratings-Affirmed-2977816", "as_of": null, "confidence": "high", "_renderer_warnings": [ "balance_sheet_financials: tier2/3 private buyer; balance-sheet fields (cash, total_debt) not publicly disclosed. Emitting credit_rating + leverage_from_rating from Exa research (agency=S&P, tier=A) as a proxy for balance-sheet health." ] }, "cultural_red_flags": { "section_id": "cultural_red_flags", "applicable": false, "reason": "no_cultural_signals_in_corpus", "ceo_vision_summary": "unknown", "ceo_vision_confidence": "missing", "red_flags": [], "culture_risk": "unknown", "evidence_quotes": [], "confidence": "missing", "source_urls": [], "_renderer_warnings": [ "cultural_red_flags: no cultural or red-flag signals found in corpus for this buyer. Absence of signal is not evidence of no culture issues — it may mean the corpus doesn't cover cultural narrative for this buyer." ] }, "strategic_positioning": { "section_id": "strategic_positioning", "applicable": true, "reason": null, "ma_appetite": "constrained", "ma_cadence_count": 6, "recent_24mo_count": 2, "hr_adjacent_count": 6, "hr_adjacent_deals": [ { "name": "ukg acquisition (2024)", "year": 2024 }, { "name": "ukg acquisition (2025)", "year": 2025 }, { "name": "ukg acquisition (year unknown)", "year": null }, { "name": "ukg acquisition (2021)", "year": 2021 }, { "name": "ukg acquisition (2007)", "year": 2007 }, { "name": "ukg acquisition (2020)", "year": 2020 } ], "strategic_gaps": [ { "gap": "active_in_adjacent_space", "rationale": "Buyer has 6 prior HR-adjacent acquisitions. HR.com extends a proven M&A thesis.", "source": "integration_post_mortem" }, { "gap": "network_moat_gap", "rationale": "Buyer's existing moat is scale. HR.com's community/network-effect asset complements rather than overlaps.", "source": "competitive_moat" } ], "positioning_rationale": [ "leverage_health=elevated: debt capacity constrained" ], "rendered_signals": [ { "source_section": "integration_post_mortem", "source_field": "prior_deals", "value": 6 }, { "source_section": "pe_clock_ipo_window", "source_field": "urgency", "value": "critical" }, { "source_section": "competitive_moat", "source_field": "moat_type", "value": "scale" } ], "evidence_quotes": [], "confidence": "high", "source_urls": [ "https://bitscale.ai/directory/ukg", "https://nucleusresearch.com/wp-content/uploads/2020/09/u126-Ultimate-Software-and-Kronos-Rebrand-as-UKG.pdf", "https://ukg.com/", "https://www.businesswire.com/news/home/20251104859249/en/UKG-Launches-UKG-Beacon-and-Expands-AI-Powered-Capabilities-in-UKG-Ready-to-Transform-Small-and-Midsized-Business-Operations", "https://www.cbinsights.com/company/ukg/financials", "https://en.wikipedia.org/wiki/UKG", "https://hf.com/kronos-and-ultimate-software-complete-merger/", "https://www.businesswire.com/news/home/20200220005670/en/Kronos-and-Ultimate-Software-Enter-Definitive-Merger-Agreement-Creating-Company-Valued-at-%2422-Billion", "https://www.nasdaqprivatemarket.com/company/ukg/", "https://mergr.com/hellman-&-friedman-acquires-ukg" ], "_renderer_warnings": [] }, "negotiation_leverage": { "section_id": "negotiation_leverage", "applicable": true, "reason": null, "leverage_points": [ { "point": "PE sponsor under exit pressure — motivated to close accretive acquisitions quickly", "source_section": "pe_clock_ipo_window", "source_field": "urgency", "strength": "strong", "rationale": "6 years into a 6-year typical hold period; sponsor: Hellman & Friedman (lead), Blackstone, JMI Equity, GIC, CPP Investments" }, { "point": "Buyer already spends on HR.com advertising — acquisition eliminates duplicate media spend", "source_section": "advertiser_cannibalization", "source_field": "cannibalization_risk", "strength": "strong", "rationale": "4 overlapping advertisers: ADP, G-P, ERIN" }, { "point": "HR.com ran a 2022 process with 8 offers — proven market demand establishes a competitive floor", "source_section": "seller_facts", "source_field": "three_asset_pack.asset_b_media.prior_process_2022", "strength": "strong", "rationale": "2022 offers ranged $9M-$45M" }, { "point": "hr.com is one of <676 2-letter .com domains — category-defining, few substitutes, independent of media business performance", "source_section": "seller_facts", "source_field": "three_asset_pack.asset_a_domain", "strength": "strong", "rationale": "domain broker estimate: $15M+" }, { "point": "Buyer has mixed integration track record — negotiation leverage on structure and earn-out terms", "source_section": "integration_post_mortem", "source_field": "integration_pattern", "strength": "moderate", "rationale": "pattern=troubled with 6 prior deals" }, { "point": "Buyer's M&A team is stretched — timeline pressure from their side favors seller", "source_section": "integration_post_mortem", "source_field": "bandwidth_exhaustion_risk", "strength": "moderate", "rationale": "bandwidth_exhaustion_risk=high" }, { "point": "Buyer is actively acquiring in adjacent HR/media space — inbound interest likely", "source_section": "integration_post_mortem", "source_field": "prior_deals", "strength": "weak", "rationale": "6 prior adjacent acquisitions" } ], "top_3_talking_points": [ "PE sponsor under exit pressure — motivated to close accretive acquisitions quickly", "Buyer already spends on HR.com advertising — acquisition eliminates duplicate media spend", "HR.com ran a 2022 process with 8 offers — proven market demand establishes a competitive floor" ], "evidence_quotes": [], "confidence": "high", "source_urls": [ "https://en.wikipedia.org/wiki/UKG", "https://hf.com/kronos-and-ultimate-software-complete-merger/", "https://www.businesswire.com/news/home/20200220005670/en/Kronos-and-Ultimate-Software-Enter-Definitive-Merger-Agreement-Creating-Company-Valued-at-%2422-Billion", "https://www.nasdaqprivatemarket.com/company/ukg/", "https://mergr.com/hellman-&-friedman-acquires-ukg", "https://www.cbinsights.com/investor/ukg", "https://www.ukg.in/", "https://bitscale.ai/directory/ukg", "https://nucleusresearch.com/wp-content/uploads/2020/09/u126-Ultimate-Software-and-Kronos-Rebrand-as-UKG.pdf", "https://ukg.com/" ], "_renderer_warnings": [] } }, "section_priority": { "deal_killer": 1, "ma_appetite": 2, "three_asset_split": 1, "ceo_vision": 3, "competitive_moat": 4, "earnings_quotes": 5, "approach_strategy": 6, "advertiser_cannibalization_risk": 2, "integration_post_mortem": 4, "pe_clock_or_ipo_window": 3 }, "market_reputation": { "killed_in_v2": true }, "source_urls": [], "synergy_npv_v2": { "synergy_npv_low": null, "synergy_npv_midpoint": null, "synergy_npv_ceiling": null, "discount_rate": 0.1, "hold_period_years": null, "buyer_tier": null, "cost_synergies": [], "revenue_synergies": [], "strategic_premium": [], "overall_confidence": "missing", "fallback_used": true }, "validation": { "bq1_passed": false, "bq2_passed": false }, "_renderer_warnings": [], "_meta": { "source_corpus": { "document_count": 47, "total_chars": 138333, "sources": [ "https://pitchbook.com/profiles/company/10430-11", "https://www.cbinsights.com/company/ukg/financials", "https://www.crunchbase.com/organization/ukg", "http://www.tracxn.com/d/companies/ukg/__ZO9dzGUIOQGwDC-s9g1YgoWsvg8A_Q9XZSG-dUFkRG4", "https://compworth.com/company/ukg-ultimate-kronos-group", "https://dexteragent.ai/companies/ukg-1771393662", "https://www.ukg.com/company/newsroom/large-deals-workforce-management-leadership-drive-ukg-third-quarter-fiscal-2024-results", "https://www.cbinsights.com/investor/ukg", "https://www.ukg.com/company/newsroom/ukg-achieves-record-fiscal-2022-surpassing-subscription-and-revenue-goals", "https://www.ukg.com/company/newsroom/ukg-hits-1-billion-revenue-first-quarter-fiscal-2023", "https://www.ukg.com/company/newsroom/ukg-launches-venture-fund", "https://www.businesswire.com/news/home/20251029649066/en/UKG-Launches-Venture-Fund", "https://www.ukg.com/company/newsroom/ukg-and-google-cloud-partner-transform-work-agentic-ai-tens-millions-users", "https://www.ukg.com/about-us/newsroom/ukg-exceeds-bookings-goals-achieve-record-fiscal-2023", "https://o.parsers.vc/startup/ukg.com/", "https://www.businesswire.com/news/home/20251104859249/en/UKG-Launches-UKG-Beacon-and-Expands-AI-Powered-Capabilities-in-UKG-Ready-to-Transform-Small-and-Midsized-Business-Operations", "https://www.ukg.com/company/newsroom/ukg-recognized-leader-2025-gartnerr-magic-quadranttm-cloud-hcm-suites-1000-employee-enterprises-third-consecutive-year", "https://markets.chroniclejournal.com/chroniclejournal/article/bizwire-2025-10-29-ukg-launches-venture-fund", "https://www.ukg.com/sites/default/files/2025-10/FY24_MC006-GlobalImpactReport_ResourcePDF.pdf", "https://www.ukg.com/about-us/newsroom/strong-close-fiscal-year-ukg-approaches-3-billion-revenue", "https://s203.q4cdn.com/998886067/files/doc_financials/2024/ar/DAY-2025-Annual-Report.pdf", "https://www.businesswire.com/news/home/20240926554709/en/Large-Deals-Workforce-Management-Leadership-Drive-UKG-Third-Quarter-Fiscal-2024-Results", "https://en.wikipedia.org/wiki/UKG", "https://bitscale.ai/directory/ukg", "https://www.ukg.com/about-us", "https://www.datanyze.com/companies/ukg/512921969", "https://www.ukg.com/solutions", "https://ukg.com/", "https://www.ukg.in/", "https://www.ukg.in/about-us", "https://www.ukg.com/en-GB/about-us/newsroom/uk-essential-services-provider-selects-ukg-support-rapid-growth-empower-its-10000-employee-workforce", "https://www.ukg.com/company/newsroom/ukg-agrees-acquire-inova-payroll", "https://www.ukg.com/about-us/newsroom/ukg-acquires-ascentis-corporation", "https://mergr.com/ukg-acquires-the-ultimate-software-group", "https://www.businesswire.com/news/home/20220309005072/en/UKG-Acquires-Ascentis-Corporation", "https://nucleusresearch.com/wp-content/uploads/2020/09/u126-Ultimate-Software-and-Kronos-Rebrand-as-UKG.pdf", "https://www.prnewswire.com/news-releases/phillies-name-ukg-as-official-hr-payroll-and-workforce-management-technology-partner-302716282.html", "https://www.ukg.com/about-us/newsroom/kronos-and-ultimate-software-unveil-plans-rebrand-ukg", "https://finance.yahoo.com/news/ukg-inc-moodys-announces-completion-220410715.html", "https://www.alacrastore.com/s-and-p-credit-research/Research-Update-UKG-Inc-Outlook-Revised-To-Negative-Amid-Weak-Credit-Metrics-Limited-Cushion-For-Underperformance-Ratings-Affirmed-2977816", "https://www.fitchratings.com/research/corporate-finance/ukg-inc-17-02-2025", "https://www.fitchratings.com/research/corporate-finance/ukg-inc-22-02-2024", "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-2862750", "https://info.creditriskmonitor.com/Report/ReportPreview.aspx?BusinessId=11747", "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-s-Proposed-400-Million-Non-Fungible-Incremental-First-Lien-Term-Loan-Due-May-2026-Rated-B-Recovery-3-2990640", "https://www.alacrastore.com/s-and-p-credit-research/The-Ultimate-Software-Group-Inc-s-New-Debt-Rated-On-Refinancing-Of-Kronos-Inc-s-Debt-2462688", "https://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-Formerly-The-Ultimate-Software-Group-Inc-First-Lien-Debt-Rating-Lowered-To-B-On-Repricing-And-Upsizing-2580693" ], "built_at": "2026-04-09T05:18:33.681289+00:00" } } }