Ultimate Software says no current plans for sale
(Reuters) - Ultimate Software Group Inc said it has no current plans to sell itself, following a Reuters report that the cloud-computing company hired an investment bank to consider a sale.
Ultimate Software Group, whose valuation is at sky-high levels as investors eye quickly growing cloud-computing companies, said in a statement on Thursday that it "has no present intention to engage in a sale of the company."
Two people familiar with Ultimate's activities previously told Reuters that the software maker has been talking to potential buyers for about a month. One source said the Weston, Florida-based software maker hired Lazard as its banker.
Shares of the company were down 2 percent at $52.28.
Ultimate Software has recently been trading at 107 times the average forecast for earnings per share in the coming year, versus an average of 18 times for software services companies tracked by Thomson Reuters.
(Reporting by Paul Thomasch. Editing by Robert MacMillan)
Credit: Reuters (www.reuters.com)
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