UKG

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Ultimate Kronos Group
TypePrivate
Industry
Predecessors
FoundedApril 1, 2020; 22 months ago (2020-04-01)
Headquarters
Key people
RevenueIncrease$3.26 billion (2021)[1]
Owners
Number of employees
12,000+ (2020)
Websitewww.ukg.com

Ultimate Kronos Group (UKG) is an American multinational technology company with dual headquarters in Lowell, Massachusetts, and Weston, Florida. It provides workforce management and human resource management services.

The company was founded in April 2020 as a result of the merger of Ultimate Software and Kronos Incorporated.[3] Former Kronos CEO Aron Ain is the CEO and chairman of the combined company. Competitors include ADP, Ceridian, Microsoft, Oracle, SAP, and Workday.[4]

History[]

On February 20, 2020, Ultimate Software and Kronos Incorporated announced they agreed 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. Kronos CEO Aron Ain became CEO and chairman of the new company, with more than 12,000 employees and dual headquarters in Lowell, Massachusetts, and Weston, Florida.[5][6][7][8] The merger was officially completed on April 1, 2020.[9][10]

In August, the company's name was announced as Ultimate Kronos Group (UKG), which became effective on October 1.[11] When discussing the name, Ain said it was chosen as a "reflection to honor our past as we also thought about what we wanted to be in the future [...] We didn't want to lose who we were and what we've achieved." Ain also said the company planned to primarily call itself UKG.[2]

Ransomware attack[]

UKG was targeted by a ransomware attack that was first detected on December 11, 2021 that affected the Kronos Private Cloud feature used by many large businesses, with this attack possibly occurring as a result of the Log4Shell zero-day vulnerability and causing a potential service outage for up to several weeks.[12][13][14][15] UKG said it did not have evidence of Log4Shell being responsible for the ransomware incident, though analyst Allan Liska of the cybersecurity company Recorded Future said there was possibly a connection to the vulnerability.[16] CNN reported that a banner on UKG's website mentioned that the company "invoked emergency patching processes" regarding Log4Shell and that concerns about private data arose after the City of Cleveland reported that personal information such as names, addresses and social security number may have been obtained by hackers.[14]

Businesses affected included Marriott International, MGM Resorts International, Puma, Revlon, Samsung, Staples Inc., Tesla, Inc., Whole Foods Market, Yamaha Corporation, YMCA, PepsiCo, Sainsbury's, The Co-operative Group 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.[15][17][14][18][16]

Ownership[]

Private equity firm Hellman & Friedman, who was the controlling shareholder of both Ultimate and Kronos, is the controlling shareholder of UKG. The Blackstone Group, which also owned stakes in both previous companies, is the largest minority investor with a 25–20 percent stake.[2][6] Other minority investors include GIC, Canada Pension Plan Investment Board, and JMI Equity.[5]

Products and services[]

References[]

  1. ^ https://www.ukg.com/en-IN/about-us/newsroom/ukg-exceeds-goals-full-year-q4-financial-results
  2. ^ a b c d 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 rebrands after merger with Ultimate Software". www.bizjournals.com. Retrieved 2020-12-04.{{cite web}}: CS1 maint: url-status (link)
  4. ^ Maurer, Roy (February 21, 2020). "What Does the Kronos and Ultimate Software Merger Mean for HR?". Society for Human Resource Management. Archived from the original on August 30, 2020. Retrieved August 30, 2020.
  5. ^ a b "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.
  6. ^ a b Gottfried, Miriam; Lombardo, Cara (February 20, 2020). "Two Big Workplace-Software Providers to Merge". The Wall Street Journal. Archived from the original on February 20, 2020. Retrieved August 30, 2020.
  7. ^ Lyons, David (February 20, 2020). "Ultimate Software merger will create giant workplace company". Sun-Sentinel. Archived from the original on August 30, 2020. Retrieved August 30, 2020.
  8. ^ Spadafora, Anthony (February 22, 2020). "Kronos and Ultimate Software merger creates one of world's largest cloud companies". TechRadar. Archived from the original on August 30, 2020. Retrieved August 30, 2020.
  9. ^ Reiser, Emon (April 2, 2020). "Ultimate Software, Kronos complete merger". South Florida Business Journal. Archived from the original on August 30, 2020. Retrieved August 30, 2020.
  10. ^ "Kronos and Ultimate Software Complete Merger" (Press release). Lowell, Massachusetts and Weston, Florida: Ultimate Software. Business Wire. April 1, 2020. Archived from the original on August 30, 2020. Retrieved August 30, 2020.
  11. ^ "Kronos and Ultimate Software Unveil Plans to Rebrand as "UKG"" (Press release). Lowell, Massachusetts and Weston, Florida: UKG. Business Wire. August 28, 2020. Archived from the original on August 30, 2020. Retrieved August 30, 2020.
  12. ^ Goodin, Dan (2021-12-13). "As Log4Shell wreaks havoc, payroll service reports ransomware attack". Ars Technica. Retrieved 2021-12-17.{{cite web}}: CS1 maint: url-status (link)
  13. ^ 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.{{cite web}}: CS1 maint: url-status (link)
  14. ^ a b c Korn, Jennifer. "Kronos ransomware attack could impact employee paychecks and timesheets for weeks". CNN. Retrieved 2021-12-17.{{cite web}}: CS1 maint: url-status (link)
  15. ^ a b Shen, Michelle. "Ransomware attack on Kronos could disrupt how companies pay, manage employees for weeks". USA Today. Retrieved 2021-12-17.{{cite web}}: CS1 maint: url-status (link)
  16. ^ a b 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.{{cite web}}: CS1 maint: url-status (link)
  17. ^ Byrnes, Jesse (2021-12-14). "Hillicon Valley — Apache vulnerability sets off alarm bells". TheHill. Retrieved 2021-12-17.{{cite web}}: CS1 maint: url-status (link)
  18. ^ "Springfield warns of ransomware". masslive. 2021-12-13. Retrieved 2021-12-17.
  19. ^ a b c d 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.

External links[]

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