Ultimate Software, a provider of human capital management solutions in the cloud, on Monday announced that it has entered into a definitive merger agreement to be acquired by an investor group led by Hellman & Friedman, a private equity investment firm, in an all-cash transaction for approximately $11 billion.

After the transaction is complete, Ultimate will continue to develop, market, deliver, and service its suite of human capital management and employee experience solutions globally, according to the company.

At the end of 2018, Ultimate’s total revenues exceeded $1.1 billion and the company currently serves more than 5,600 companies worldwide, with more than 48 million people records in the cloud, according to a statement by the company.

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“Our customers will benefit from our ability to bring new features and services to market more quickly, while still enjoying the same high level of service they have with Ultimate today, or better, with new innovations to our offerings. Hellman & Friedman is in full alignment with our vision to serve the global HR market, while preserving our unique company culture and mission,” said Scott Scherr, CEO, president, and founder of Ultimate.

The transaction is expected to close in mid-2019, subject to stockholder approval and other customary closing conditions including regulatory approvals.