Kenexa Corporation, which provides business solutions for human resources, has agreed to acquire compensation and talent management solutions provider Salary.com. The NASDAQ-listed company has made an all-cash tender offer and merger for $4.07 per share, or approximately $80 million.
The agreement has been unanimously approved by the board of directors of both companies.
Kenexa expects to complete the cash tender offer and close the transaction during the fourth quarter of 2010. Aside from customary closing conditions, the completion of the transaction is also subject to a majority of the outstanding Salary.com shares being tendered.
Salary.com provides on-demand compensation software that helps businesses and individuals manage pay and performance. The company offers market pricing and compensation analysis software that helps companies benchmark, compensate and reward its employees.
Kenexa CEO Rudy Karsan in a statement said Salary.com’s value proposition spans both software and proprietary content, and that their compensation management solutions complement its own suite of talent acquisition and retention services.