Patrick Reed Masters Win Puts Spotlight on Cloud Software Firm

(Bloomberg) -- Patrick Reed wasn’t the only winner at the Masters Sunday. The first-time major champion’s bag sponsor, The Ultimate Software Group Inc., featured prominently as the camera followed the 27-year-old throughout the tournament.

The cloud-based software provider out of Weston, Fla., inked a deal with Reed in June and had its logo featured on the Texan’s bag and the sleeve of his pink shirt. Shares of Ultimate Software are leading the S&P Midcap Software Index on a gain of 1.5 percent.

Reed was able to fend off Sunday’s top scorer and Under Armour Inc.’s golf poster child Jordan Spieth, who shot an 8-under-par 64 to come within one shot of tying the course record for lowest round. All eyes were also on Paul Casey, who charged through the field with a 7-under-par performance on Sunday, but ultimately finished 10 shots behind the winner.

The trio, along with the runner-up Rickie Fowler, underscore a positive outlook and reinforce some of Acushnet Holdings Corp.’s stranglehold on the industry. All four played Titleist golf balls and used some combination of a putter and/or wedges produced by the Fairhaven, Mass.-based company.

Reed’s high profile win opens the door for an equipment sponsor. Callaway Golf Co., the other notable pure-play golf stock that trades publicly, had a 5-year deal with the golfer that ended in 2017. Reed is currently a free agent when it comes to equipment partnerships as Nike Inc. only sponsors his apparel.

To contact the reporter on this story: Bailey Lipschultz in New York at blipschultz@bloomberg.net.

To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Brad Olesen, Arie Shapira

©2018 Bloomberg L.P.