Ultimate Software, the publicly traded technology company in Weston, reported Tuesday that its revenue hit $410.4 million in 2013, up 24 percent from the prior year. The company, a cloud provider of people management solutions and one of South Florida’s biggest tech companies, reported 2013 net income of $25.5 million, or 88 cents per diluted share, an increase of 74.7 percent compared with $14.6 million, or 52 cents per diluted share, in the prior year.
"2013 was a good year for us with recurring revenue growth at 26 percent, total revenue growth at 24 percent and customer retention greater than 96 percent. We now have more than 15 million people records in our customer cloud environment," Scott Scherr, Ultimate Software’s president and founder, said in a news release. "We reached our goal to surpass $400 million in revenues in 2013, and are well positioned to achieve our goal of $600 million in 2015."
For the fourth quarter of 2013, Ultimate reported net income of $9.8 million, or 34 cents per diluted share, compared to $6.3 million, or 22 cents per diluted share, for the fourth quarter of 2012.
Founded in 1990, Ultimate Software employs 1,900 and provides software solutions in human resources, payroll and time management. It was recently recognized for the third year in a row as one of Fortune magazine’s 100 Best Companies to Work For, placing No. 20 on the list.