Kronos, a provider of workforce management and human capital management cloud solutions, completed the merger with Ultimate Software, a global provider of cloud human capital management and employee experience solutions, at a $22bn valuation. Hellman & Friedman, the controlling shareholder of both Kronos and Ultimate, will be the controlling shareholder of the newly formed company. Following H&F, private equity funds managed by Blackstone will be the largest minority investor, followed by GIC, Canada Pension Plan Investment Board, and JMI Equity. "The combination of Ultimate and Kronos paves the way to deliver the next generation of employee-facing solutions that will set the standard for the workforce of the future. This merger will enable our more than 12k inspired people around the world to deliver innovation in human capital management faster than ever before. Both companies remain fully committed to their core strengths as well as to the combined benefits that the new company will bring to employees and customers," Adam Rogers, Ultimate Software CEO.