Felicia Alvaro Email Address

Vice President of Finance

Ultimate Software specializes in HR software solutions and HR payroll to help you improve your company's human capital management and benefits administration.

An experienced Board Director, C-suite finance executive, and former Big Four auditor, Felicia Alvaro has played an integral role in setting and delivering the strategic vision, corporate governance, and financial planning and reporting for both publicly traded and private equity-owned companies in the business-to-business technology, services, and retail spaces. Felicia was involved in public-to-private transactions as both an independent board member and as an operator. As CFO at Ultimate Software, Felicia led all financial aspects of the $11B sale of the company to the private equity group. As Audit Committee Chair of Cornerstone OnDemand, Felicia insured the necessary governance remained effective throughout the sales process. Simultaneously, as the independent board director, she participated in providing strategic guidance in the evaluation of the $5.2B sale of Cornerstone OnDemand. In 2021, Felicia was invited to join SaaS service management solutions company ServiceMax as independent board director and audit committee chair, because of her relevant expertise to support their growth trajectory. Felicia helped transform Ultimate from licensing to a SaaS-driven core business model, which provided critical and more predictable revenue streams that fueled product innovation and positioned the firm as an attractive M&A target. In 1998, Ultimate’s total annual revenues were approximately $50M and its labor force was less than 300 employees. With consistent double-digital compounded annual growth, a sound business strategy and an award-winning culture, Ultimate’s total annual revenues exceeded $1B and its labor force grew to over 6,000 employees by 2019. Representative of Ultimate’s success was the explosive stock price growth—with an IPO of $10/share (in 1998) to a sales price (in 2019) of $331.50/share. At Ultimate, Felicia championed 5 M&A tuck-in transactions, the delivery of game-changing financial analytics, and the implementation of corporate equity and enterprise resource planning software platforms. For her entire tenure at Ultimate, she served as the Audit Committee’s financial expert on behalf of management, and co-founded the company’s Women in Leadership group, promoting excellence in diversity and governance while building a bench of emerging female leaders. Her nonprofit work has included tenures as Board Director and Audit Chair with Women in Distress, and as a board member and treasurer for executive women’s empowerment organization Women Executive Leadership.