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Enterprise Bank Benefits from Unified HCM, Sees Quantifiable Business Improvements by Moving to Cloud-Based UltiPro

Date: April 10, 2015 2:00 PM EDT

Public Company Information:

NASDAQ: ULTI
US90385D1072

Ultimate Software (Nasdaq: ULTI), a leading provider of Human Capital Management (HCM) solutions in the cloud, announced today that Enterprise Bank (Nasdaq: EBTC), a full-service commercial bank, has achieved numerous measurable business benefits in its people management operations with UltiPro.

Founded in 1988 in Lowell, Massachusetts, Enterprise Bank had used multiple systems to handle its complex HR and payroll processes before UltiPro. Its operations were becoming increasingly challenging with Enterprise Bank’s expansion into 22 full-service branch offices in the Merrimack Valley and North Central regions of Massachusetts and southern New Hampshire. With a goal to provide financial resources for growing businesses, nonprofit organizations, professionals, and individuals, Enterprise Bank needed one, unified HCM solution to handle its HR, payroll, and talent management.

After a rigorous selection process, Enterprise Bank chose cloud-based UltiPro and then went live four months later. With a clear, structured deployment of the technology, the benefits to Enterprise Bank have included:

• Cutting time spent on payroll processing by 40%
• Saving approximately 8 hours or more per month creating and delivering reports
• Reducing completion time of employee open enrollment to an average of 8 minutes
• Streamlining its recruiting processes
• Going paperless—empowering employees to manage their personal, payroll, and benefits information, and reducing the costs and effort associated with printing and managing thousands of pieces of paper each year.

“The foundation of our benefits with UltiPro is having one single source for the entire breadth of HCM—better speed, control, accountability, and accuracy. All of our people-related information is immediately available, visible, and reportable in one centralized location,” said Marisa Veiga, vice president, human resources operations manager at Enterprise Bank. “We can quickly and easily run reports on any segment of HR, payroll, or talent, and our employees have one, single place to access, view, and manage their personal, payroll, and benefits data.”

UltiPro provides customers like Enterprise Bank with a cohesive suite of HCM functionality, including HR, payroll, benefits enrollment/life events, recruitment, performance management, succession management, compensation management, and time management. Speed and high levels of execution are the primary advantages that the financial services company has experienced since moving to cloud-based, unified HCM.

“We’ve achieved so many measurable results and improvements since we moved to UltiPro,” said Veiga. “We have a pretty complex payroll, including different pay groups. UltiPro has streamlined the process immensely—reducing our time spent on payroll processing by nearly half. Previously, we had to create and deliver dozens of reports per month. With UltiPro Business Intelligence, we now have these reports auto-generated and auto-delivered, saving us approximately 8 hours or more per month and eliminating a ton of manual administration.”

Enterprise Bank also attributes the value it receives with UltiPro to Ultimate’s customer support. With UltiPro, Veiga and her teams have direct access to a dedicated account manager who acts as the first point of contact for the company, ensuring a consistent experience between the company and a support person knowledgeable about the bank’s unique complexities. According to Veiga, the assistance from Ultimate has been vital in Enterprise Bank’s ability to leverage UltiPro fully and experience the rewards.

“Our UltiPro account manager understands our business and has detailed knowledge of our history. So when we have a question, it is answered and we do not miss a beat. Ultimate’s customer support is an invaluable business benefit—the responsiveness, the willingness to help, and the continuity with people who know our business,” said Veiga.

“Our business is steadily growing, and our previous vendor’s system could not adapt to our changes,” said Veiga. “Ultimate is totally different. They have a partnership philosophy with customers, so that our feedback on UltiPro’s products and services is welcomed. We know we are in a collaborative relationship with a company that is listening to us and that is always evolving its offerings to ensure our long-term success.”

“Speed and execution are critical for business success, and UltiPro is technology that can deliver measurable results to companies of all sizes and across all industries. Our goal is to simplify the work lives of the people who use our cloud solution, and then elevate productivity and performance across the business,” said Chris Phenicie, chief sales officer at Ultimate Software. “In addition to providing easy-to-use, easy-to-manage technology, we recognize that delivering exceptional support is central to customer success. We’re very pleased that UltiPro, supported by our unique partnership philosophy, is making a positive impact on Enterprise Bank and its people.”

About Ultimate Software
Ultimate is a leading provider of Human Capital Management (HCM) solutions in the cloud, with more than 19 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, the company is headquartered in Weston, Florida, and employs more than 2,300 professionals. In 2015, for the fourth year in a row, Ultimate was ranked in the top 25 on FORTUNE’s list of the 100 Best Companies to Work For; and recognized for the third year in a row as one of Achievers’ 50 Most Engaged Workplaces™ in North America. In 2014, Ultimate was ranked #8 on Forbes magazine’s list of the 100 Most Innovative Growth Companies; and recognized as a ‘Leader’ in Nucleus Research’s HCM Technology Value Matrix. Ultimate has more than 2,800 customers with employees in 150 countries, including Bloomin’ Brands, Culligan International, Major League Baseball, Pep Boys, 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.

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Contact Information:

Darlene Marcroft, Vice President of PR and Communications at Ultimate Software
phone: 954-331-7444; email: darlene_marcroft@ultimatesoftware.com

For sales information, phone: 800-432-1729; website: www.ultimatesoftware.com