HR software is big business. Big business means big mergers. Kronos, 43-year old maker of on-premise workforce management (WFM) software navigating a transition to the cloud, and Ultimate Software, cloud-based human capital management software (HCM) provider for mostly mid-market customers, agreed to merge in a blockbuster deal. It's worth noting that private equity firm Hellman & Friedman owned both companies, having bought Kronos in 2007 and Ultimate in 2019. That this transaction would take place was a mostly a foregone conclusion. Now that it's been announced, there are some significant implications for customers, and the HCM/WFM space more broadly. Does the combined entity have more to lose than to gain?