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Ultimate Announces CFO Succession Plan

Mitch Dauerman to Step Down, Focus on Investor Relations, Strategic Initiatives; Felicia Alvaro to Succeed as New CFO

Date: May 1, 2018 3:59 PM EDT

Ultimate Software (Nasdaq: ULTI), a leading provider of human capital management (HCM) solutions in the cloud, announced today our succession plan for chief financial officer (CFO). Mitchell K. Dauerman, who has served as Ultimate’s CFO since September 1996, will step down tomorrow. He will continue his service at Ultimate, focusing on investor relations and strategic initiatives. Felicia Alvaro, vice president of finance and 20-year veteran in Ultimate’s finance and accounting department, will succeed Dauerman in the role of CFO.

Dauerman made his first investor call as Ultimate’s CFO in 1998, when our franchise was valued at $180 million and had 299 employees. He is stepping down now as CFO from a franchise with a market value of nearly $8 billion and more than 4,300 employees. Dauerman will remain at Ultimate and focus his financial and business talents on investor relations and strategic initiatives.

“Mitch is a hall-of-fame CFO, partner, leader, and friend. He has made a difference for all of us at Ultimate,” said Scott Scherr, CEO, president, and founder. “He has brought both humanity and wisdom to the demanding role of financial leadership, and we expect his deep knowledge of Ultimate, our HCM industry, and finance will continue to contribute to our success.”

In her 20 years at Ultimate, Alvaro has been involved in all aspects of Ultimate’s finances, including accounting, financial planning and analysis, financial reporting, and financial compliance as well as operations. Alvaro began her career with KPMG LLP, a global accounting and consulting firm, and had 10 years of experience with both public and private companies prior to joining Ultimate. She has a B.S. in Accounting and is a Certified Public Accountant.

“Mitch has groomed Felicia for years to succeed him. She has been in the room with Mitch and me for all 81 investor conference calls we’ve had as a publicly traded company. It’s Felicia’s time. She’s ready, she’s excited, and she is more than prepared to lead Ultimate into the future. Her financial acumen, track record of high performance, and proven leadership capabilities make her the perfect choice for us,” said Scherr.

About Ultimate Software
Ultimate is a leading provider of cloud-based human capital management solutions, with more than 38 million people records in the Ultimate 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 4,300 professionals. In 2018, Ultimate ranked #3 on Fortune’s 100 Best Companies to Work For list, our seventh consecutive year in the top 25, and #1 on Fortune’s Best Workplaces in Technology list for the third year in a row. In 2017, Ultimate ranked #7 on Forbes’ list of 100 Most Innovative Growth Companies; #2 on People’s 50 Companies That Care list; and the National Customer Service Association named Ultimate Service Organization of the Year in the Large Business category. Ultimate has more than 4,100 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.

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Contact Information:

Mitchell K. Dauerman, Investor Relations
Ultimate Software 954-331-7369 [email protected]

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