UKG Exceeds Bookings Goals to Achieve Record Fiscal 2023
UKG, a leading provider of HR, payroll, and workforce management solutions for all people, today announced a business update for the fourth quarter and fiscal 2023, ending September 30, 2023.
"We began the year with our first-ever $1 billion revenue quarter and closed out Q4 in remarkable fashion, including signing the most multimillion-dollar SaaS deals in our history," said Chris Todd, CEO at UKG. "Overall, it was a big year for customers reinvesting in their UKG solutions, and ARR bookings continued to grow at a strong rate over the last 12 months. We also had a record-breaking quarter for our UKG InTouch timeclocks, which customers use to connect to our modern cloud solutions and make life easier for their frontline workers. As a business, we've made exceptional strides in profitability, and our focused investments in key areas, such as the SMB market, are generating significant growth. Thanks to the investments we've made in our products, our people, and our customers, fiscal 2024 will without a doubt be the best one yet."
"UKG's continued focus on employee experience and the frontline worker is vital," said Josh Bersin, global industry analyst and CEO at JBC. "As UKG focuses its AI and design efforts toward the entire workforce, organizations will see dramatic improvements in engagement, performance, and productivity across all employee groups."
Fourth-Quarter and Fiscal 2023 Business Highlights
The company just concluded its largest-ever UKG Aspire customer conference, where more than 5,000 attendees saw several product innovations, programs, and enhancements debuted in fiscal 2023, including:
Complementing the speed of its own in-house innovation, UKG also closed two major acquisitions in fiscal 2023 as part of its mission to deliver technology built for all. Immediately following its acquisition of Immedis in July, UKG saw early customer successes with UKG One View, a multi-country payroll experience that modernizes the traditionally fragmented, costly, and cumbersome global payroll model. Additionally, its acquisition of Quorbit led to the debut of UKG Strategic Workforce Planning, a long-term forecasting and capacity-planning technology that helps organizations predict demand and staffing needs with people-centric and behavior-focused AI.
These innovations and acquisitions were a key component of UKG again being named a Leader in the Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises, making UKG the only HCM vendor named a Leader by all major analyst firms and peer-review sites. Additional analyst and peer-review accolades during the fiscal year included:
The UKG customer base continues to grow exponentially, topping 80,000 worldwide in 2023. Organizations of all sizes and across industries shared their stories about ROI, operational success, and how their UKG partnership propelled strategic employee-experience initiatives, meaningful people outcomes, and operational excellence, including InfoSync, Belle Tire, Boba Tea Company, and Yoga Joint. New and longtime customers selecting UKG solutions in the fourth quarter included:
Growing its own employee base worldwide, UKG held a grand opening of a new Innovation Hub in Montevideo, Uruguay, housing a growing group of 100 engineers focused on the development and delivery of UKG solutions. Additionally, UKG received numerous third-party honors and awards throughout the year for its own people practices and innovative culture, including:
In a year where the UKG Global Impact Report established a set of near- and long-term goals for environmental, social, and governance (ESG), UKG was again honored by TrustRadius with the 2023 Tech Cares award, recognized for going above and beyond in its ESG efforts and for its commitment to supporting employees and communities. Additionally, UKG improved its EcoVadis sustainability rating to Silver status, which puts the company in the top 17% of all organizations rated by the international agency.
UKG was also honored by Brandon Hall Group honoring UKG with a Gold Award in the "Best Advance in Social Impact Innovation" and earned a spot on the Fast Company Brands That Matter list for the UKG Close the Gap campaign and partnership with the National Women's Soccer League, which included bringing the first-ever $1.1 million dollar prize pool to U.S. women's professional soccer.
"I'm proud of the work we've put in this year to balance the needs of our customers, our people, and our shareholders," continued Todd. "We have a special opportunity to be the only HCM provider focused exclusively on people and show the world that it's good business to be a great place to work."
At UKG, our purpose is people. We are on a mission to inspire every organization to become a great place to work through HCM technology built for all. More than 80,000 customers worldwide trust UKG HR, payroll, and workforce management cloud solutions to drive great workplace experiences and make better, more confident people and business decisions. With the world's largest collection of people, workforce, and culture data combined with rich experience using AI in the service of people, we connect culture insights with business outcomes to show what's possible when organizations invest in their people. Learn more at ukg.com.
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