Kenexa agrees to acquire Salary.com

BANGALORE, INDIA: Business solutions provider Kenexa Corporation has entered into an agreement with on-demand compensation and talent management solutions provider Salary.com, Inc. to acquired the latter. The two companies said in a jointly issued statement that the acquisition will take place via an all cash tender offer and merger for $4.07 per share, or approximately $80 million.

Kenexa expects to finance the deal through a combination of its cash balances and borrowings against its credit facility, which was recently put in place, said the statement.

The completion of the transaction is subject to a majority of the outstanding Salary.com shares being tendered, as well as satisfactory completion of other customary closing conditions, including certain regulatory approvals.

Rudy Karsan, chief executive officer, Kenexa, stated, “The acquisition of Salary.com provides Kenexa with significant domain expertise and a strong leadership position in the area of on-demand compensation management solutions. The company’s value proposition spans both software and proprietary content, similar to Kenexa, and their compensation management solutions are highly synergistic with our broad suite of talent acquisition and retention solutions.”

He added that they believe Kenexa is increasingly being recognized in the market place as having the broadest and deepest suite of talent management solutions, and the addition of Salary.com’s solutions and customer base will further strengthen their competitive position.

Salary.com provides on-demand compensation software that helps businesses and individuals manage pay and performance.

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