Ultimate Software (Nasdaq: ULTI), a leading provider of human capital management (HCM) solutions in the cloud, announced today that it has been ranked #8 on Forbes magazine’s 2016 list of the “Most Innovative Growth Companies.” Companies are ranked by their Innovation Premium—the difference between their market capitalization and the net present value (NPV) of cash flows from existing businesses. Forbes’ method relies on investors’ ability to identify firms they expect to be innovative now and in the future. To be included, firms needed seven years of public financial data and between $2–10 billion in market cap.
“For more than 25 years, Ultimate has delivered innovative, industry-leading HCM technology, driven by a ‘People First’ culture that fuels new ideas and continuous evolution,” said Scott Scherr, CEO, president, and founder of Ultimate. “We are honored to rank so highly for the third consecutive year on Forbes’ prestigious list. We remain focused on innovation and growth, consistently investing approximately 20% of our annual revenue in research and development and are committed to creating a culture that encourages new ideas.”
Forbes Innovation Premium calculation first projects the cash flows a company produces from its existing business without any growth and looks at the NPV of those cash flows. Forbes compares this base value of the existing business with the company’s current total Enterprise Value (EV). Companies with an EV above their base value have an innovation premium built into their stock price.
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