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.
Salary.com provides on-demand compensation, payroll, human resource management, performance management, and competency management solutions in the human capital software-as-a-service (SaaS) market primarily in the United States. The company serves transportation, retail, publishing, consumer products, financial products and services, manufacturing, and healthcare industries. It sells enterprise solutions primarily through direct sales organization and through indirect channels.
Kenexa Corporation and its subsidiaries provide software, proprietary content, and services that enable organizations to recruit and retain employees. The company offers hiring solutions and retention solutions. Its hiring solutions include Kenexa recruitment process outsourcing (RPO) that provides global recruitment services; recruitment technology solutions; onboarding solutions, which offer forms management for legal documents, workflow, and electronic signatures; employee assessments that help organizations to select and retain top performers; Kenexa Prove It, a skills test solution to identify and select...