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Ultimate Software Group Inc.  (ULTI) said Monday that it has agreed to terms to sell the human resource software company to a group of investors led by private-equity firm Hellman & Friedman for around $11 billion.

Hellman & Friedman will pay $331.50 in cash for each Ultimate Software share, the company said, a 32% premium to the 30-day average for the stock and 19.3% higher than its Friday closing level of $277.83. Blackstone, JMI Equity and the Canada Pension Plan Investment Board and GIC will also be part of the new ownership group. Ultimate will de-list from the Nasdaq following close of the deal but will continue to be lead by CEO Scott Scherr. 

"The transaction provides our stockholders with a substantial premium. Our decision was also made with the best interests of our 5,144 employees and our more than 5,600 customers at heart," Scherr said. "This change will bring meaningful benefits to our employees and customers - both in the long and short terms. Since all of our employees are given equity in Ultimate when they join us, as stockholders, this transaction will result in immediate financial upside for them."

"Today's announcement will also allow us to make additional, prudent investments in our products and services to better serve our customers," Scherr added.

Ultimate Software shares rose 19.7% to close at $332.54 on Monday.

"We are excited to partner with Ultimate and this investor group to support the strong growth and culture of this exceptional company," said Blackstone's Martin Brand.