Ultimate Software Group (ULTI.O) said it agreed to be acquired by an investor group led by Hellman & Friedman Capital Partners in a deal valued at about US$11 billion.

Shareholders of Ultimate Software, which makes human resources management software for the cloud, will receive US$331.50 per share in cash, under terms of the deal, the company said in a statement Monday. The terms represent a premium of about 32 per cent over the company’s average stock price during the 30 days up to Feb. 1. Ultimate shares rose 18.4 per cent in early trading.

Hellman & Friedman is a private equity fund that makes large-market buyout investments in the communications, consumer discretionary, financials, health care, industrials, and technology sectors. Other investors in the group include Blackstone, GIC, CPPIB and JMI Equity. Ultimate Software’s customers include Red Roof Inn and Subway.