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Salary.com Inc., the Needham-based pay and performance software application developer, has completed the divestiture of its Genesys payroll business for $2.5 million cash.
The payroll business provides enterprise payroll and human resource management software.
The sale is part of the company’s larger restructuring plan, announced in May, to reduce its businesses from five to three units and reduce the number of products Salary.com is developing and selling.
Divesting Salary.com’s payroll business completes the restructuring plan. Interim CEO Paul Daoust noted in a press release today that Salary.com now focuses on its on-demand compensation, talent management software and consumer businesses.
Salary.com (Nasdaq:SLRY) was founded in 1999 and completed an initial public offering in February 2007.
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