After Ultimate Software announced that it had entered into a binding Letter of Intent to purchase PeopleDoc for $300M, MUFG analyst Stephen Bersey noted that this was the company's first acquisition sizable enough to warrant disclosing the terms of the deal. He thinks the PeopleDoc will add incremental functionality to Ultimate's portfolio and believes the price paid is in line with recent, similar transactions in the space. Bersey maintains his 2018 revenue and EPS estimates for Ultimate and keeps an Overweight rating and $264 price target on the stock.