Ultimate Software Ranked #7 on Forbes List of 100 Most Innovative Growth Companies

Ultimate Software ULTI, a leading provider of human capital management (HCM) solutions in the cloud, announced today it has been ranked #7 on Forbes magazine's 2017 list of the 100 Most Innovative Growth Companies. Recognized companies are ranked by their Innovation Premium—the difference between their market capitalization and the net present value (NPV) of cash flows from existing businesses. Forbes' method relies on investors' ability to identify firms they expect to be innovative now and in the future. To be included, firms need at least seven years of public financial data and between $2 billion and $10 billion in market cap.

"We are honored to rank on Forbes' prestigious list for the fourth consecutive year, recognizing our commitment to building better technology and fostering increased business growth," said Scott Scherr, CEO, president, and founder of Ultimate. "At Ultimate, we're 100% focused on continuous innovation and we consistently invest in developing our people, solutions, and services. Together, we design and deliver innovative HCM software and personalized, collaborative support that empowers companies to put their own people first and achieve accelerated success."

The Innovation Premium calculation first projects the cash flows a company produces from its existing business without any growth and looks at the NPV of those cash flows. Forbes then compares this base value of the existing business with the company's current total Enterprise Value (EV). Companies with an EV above their base values have an Innovation Premium built into their stock values.

To see the complete list of Forbes magazine's 100 Most Innovative Growth Companies for 2017, visit www.forbes.com/growth-companies/list/.

About Ultimate Software

Ultimate is a leading provider of cloud-based human capital management solutions, with more than 33 million people records in the cloud. Ultimate's award-winning UltiPro delivers HR, payroll, talent, and time and labor management solutions that connect people with the information they need to work more effectively. Founded in 1990, Ultimate is headquartered in Weston, Florida, and employs more than 3,800 professionals. In 2017, Fortune ranked Ultimate #7 on its prestigious 100 Best Companies to Work For list, its sixth consecutive year ranked in the top 25, and #1 on Fortune's list of the 10 Best Workplaces in Technology for the second year in a row. Also in 2017, People magazine ranked Ultimate #2 on its 50 Companies That Care list, Brandon Hall Group honored Ultimate with its Gold Award in Technology, and the National Customer Service Association named Ultimate the Service Organization of the Year. Ultimate has more than 3,700 customers with employees in 160 countries, including Bloomin' Brands, Culligan International, Feeding America, Major League Baseball, Red Roof Inn, SUBWAY, Texas Roadhouse, and Yamaha Corporation of America. More information on Ultimate's products and services for people management can be found at www.ultimatesoftware.com.

UltiPro is a registered trademark of The Ultimate Software Group, Inc. All other trademarks referenced are the property of their respective owners.

Follow Ultimate Software on Twitter: www.twitter.com/UltimateHCM and on LinkedIn: http://linkd.in/UltimateHCM

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