Kenexa Corporation and Salary.com have entered into an agreement for Kenexa's acquisition of Salary.com in an all cash tender offer and merger for $4.07 per share, or approximately $80 million.
Kenexa's Chief Executive Officer, Rudy Karsan, stated, "Salary.com'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. We believe Kenexa is increasingly being recognized in the marketplace 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 our competitive position."
Upon completion of the Salary.com acquisition, Kenexa's non-GAAP results will exclude stock-based compensation expense and amortization of intangibles associated with acquisitions as they have in the past, in addition to non-recurring professional fees associated with completing the transaction and the purchase accounting reduction to Salary.com's deferred revenue.
Salary.com's interim CEO, Paul Daoust, said, "Salary.com will now have access to a much larger global sales and services organization, greater R&D resources and overall financial strength to provide our customers with confidence that we will be able to meet their needs from a long-term perspective. We believe that the combination of Salary.com and Kenexa will provide a unique, end-to-end value proposition that positions our combined organization very well in front of an eventual improvement in the economy and hiring environment."
