Kenexa To Buy Salary.com For $80 Million

Kenexa Corp (NASDAQ: KNXA) announced its plans to acquire Salary.com Inc (NASDAQ: SLRY) for approximately $80 million in cash. The deal would help the provider of software for managing human resources to expand its presence in compensation management.

Kenexa has agreed to pay $4.07 a share, representing a premium of about 42% to Salary.com's closing price on Tuesday.

SLRY provides on-demand software that helps businesses manage compensation and performance. The company posted revenue of about $46 million last year, but has not reported an annual profit since February 2007, when it went public.

KNXA expects the deal to be accretive to its operating results excluding some items. The company has reiterated its full-year guidance.

KNXA said it would fund the transaction through cash and borrowings against its credit facility.

from
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