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Salary.com Inc., a Needham pay and performance software application developer, reports it plans to be acquired by Pennsylvania human resources firm Kenexa Corp. for approximately $80 million in a cash-for-stock.
Kenexa (Nasdaq: KNXA) says it will pay $4.07 per share of the outstanding common stock of Salary.com (Nasdaq: SLRY) and expects the sale to close during the fourth quarter of 2010, subject to a majority of the outstanding Salary.com shares being tendered, as well as satisfactory completion of other customary closing conditions, including regulatory approvals.
Kenexa expects to finance the deal through a combination of cash on hand and by borrowing against a credit facility which was recently put in place. The sale has been unanimously approved by the board of directors of both companies, and Salary.com’s board intends to recommend that the Salary.com stockholders tender their shares in the offer, according to Kenexa officials.
Earlier this month, Salary.com 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 was part of the company’s larger restructuring plan, announced in May, to reduce its businesses from five units to three units and reduce the number of products Salary.com is developing and selling.
Founded in 1999, Salary.com completed an initial public offering in February 2007.
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