Abernathy MacGregor represents Hellman & Friedman as it heads an investor group's $11B buyout of Ultimate Software, $940M revenues cloud-based human capital management solutions company.
The all-cash $331.50 per-share offer is a 32 percent premium over UI's average closing price during the past 30 trading days.
Scott Scherr, UI CEO, said the offer provides shareholders a “substantial premium.”
He believes the deal will give UI the funding to “made additional prudent investments in our products and services to better serve our customers."
The agreement includes a 50-day “go-shop” provision that allows UI to line up a better offer.
Founded in 1990, Weston, FL-based UI maintains more than 48M people records in the cloud.
Its 5,600-member workforce serves more than 2,500 companies including Texas Roadhouse, Yamaha Corp. of America, SUBWAY, Culligan International and Red Roof Inn.
AbMac’s James Bourne and William Braun handle H&F.