Company News

BUZZ-HR software maker Ultimate Software surges on $11 bln buyout deal

** Ultimate Software shares surge 18.4 pct to $329 premarket vs. buyout offer of $331.50 from an investor group

** The HR software maker agrees to be bought in a $11 bln all-cash deal by investor group led by Hellman & Friedman and includes Blackstone, GIC, CPPIB and JMI Equity

** Deal includes a 50-day “go-shop” period

** The median PT of 21 Wall St analysts covering ULTI is $313.50, up from $310 three months back, Refinitiv data shows

** The mean rating has stayed “buy” for the past 3 months

** Since the beginning of 2018, ULTI has risen 27.3 pct, the least among its peers

** Paycom Software has surged ~88 pct in that period, Workday has jumped ~83 pct and Paylocity Holding has risen ~55 pct (Reporting by Savio D’Souza)