Salary.com(TM) Acquires ICR Limited, L.C. - A Premier Provider of Compensation Data for the Specialty Consumer Goods and Global
May 15 2007 - 4:15PM
Business Wire
Salary.com, Inc. (Nasdaq:SLRY), a leading provider of on-demand
compensation management solutions, announced that it has acquired
ICR Limited, L.C. and ICR International Ltd. (ICR), a premier
provider of specialty consumer goods and global technology
compensation data and software. ICR will operate as a division of
Salary.com, Inc. and will continue to offer enterprise customers:
1) IPAS� � the largest single source of international technology
compensation data and software, including all relevant job titles
in over 70 countries. 2) ICR Specialty Consumer Goods � a leading
source of U.S. compensation data for Apparel, Footwear, Luxury
Goods and Specialty Retail jobs. This acquisition complements
Salary.com�s portfolio of on-demand compensation management
software suites including CompAnalyst� � market pricing data and
software, and TalentManager� � pay-for-performance software. Under
the terms of the agreement, Salary.com will pay ICR�s three equity
holders a total of $10 million in cash. The three founders and ICR
staff will become employees of Salary.com, with the acquisition
expected to be accretive to cash flow for Salary.com in the fiscal
year ending March 31, 2008. �The acquisition of ICR supports our
strategy to provide market leading compensation data and technology
to help our customers make competitive decisions about pay in order
to attract, retain and reward top talent,� said Kent Plunkett,
Chief Executive Officer of Salary.com. �ICR�s offerings complement
the foundation that Salary.com has built. Both companies share
similar long term vision, deep domain expertise in compensation and
a passion for technology innovation. Both companies were founded to
improve the effectiveness of our client�s compensation spend and
minimize the risks around human capital investments. Together, we
will continue to provide best-in-breed solutions that improve
compensation decision-making and make our customers winners in the
war for talent.� ICR was founded in 1995 by Joe Duggan, John
Cunnell and Roger Sturtevant, compensation professionals each with
over 15 years of experience at leading technology companies such as
Data General Corporation (now EMC) and The Kendall Company. In
1997, ICR launched IPAS, the first global technology survey with
consistent job benchmarks across multiple countries with premier
participants from over 70 countries � available in a single,
easy-to-use interface. IPAS offers comprehensive market data for
established technology markets, such as the United Kingdom, France,
Germany, Japan, Australia and Singapore, as well as emerging
technology markets including India, China, Brazil, and the Czech
Republic. �IPAS was developed to help customers design and execute
global pay strategies, quickly, easily and cost-effectively. This
unique product allows users to benchmark a job around the world
using a single system, the same methodology and the same
participants. IPAS attracts the top names from all sectors of the
technology industry. This premier customer base generates robust
volumes of reliable data accessible via a state-of-the-art
on-demand system,� said Joseph Duggan, Founder and President of
ICR. �Salary.com shares our vision for innovative product
solutions,� said Duggan. �We�re taking the power of IPAS and its
extensive database and leveraging Salary.com�s product development
and sales strength to expand our customer reach, marketing
effectiveness and product functionality.� �By combining the people
and products of ICR with those of Salary.com, we will be creating
even better resources for our enterprise clients,� said Bill
Coleman, Salary.com�s Chief Compensation Officer. �We will be able
to provide our customers with expanded data capabilities, advanced
pay analytics � all accessible via affordable on-demand services.
Together, we will continue to provide innovative, practical and
cost-effective compensation solutions to enhance our customers�
decision making and overall productivity.� About Salary.com, Inc.
Salary.com is a leading provider of on-demand compensation
management solutions helping businesses and individuals manage pay
and performance. Salary.com provides companies of all sizes
comprehensive on-demand software applications that are tightly
integrated with its own proprietary compensation data sets, thereby
automating the essential elements of the compensation management
process and significantly improving the effectiveness of its
client�s compensation spend. For more information, visit
www.salary.com. About ICR Limited, L.C. ICR is a leading provider
of industry-specific market intelligence for employee pay and
benefits for the global technology and specialty consumer goods
markets. ICR provides the highest caliber salary surveys and
participants for the technology and consumer goods industries, and
offers specialized expertise in sales compensation models, salary
structures, and international reward strategies. ICR helps
companies of all sizes establish salary and compensation programs
that efficiently attract, retain, and motivate employees. For more
information, visit www.icrltd.com Forward Looking Statements This
release contains �forward-looking� statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. These are statements that are
predictive in nature, that depend upon or refer to future events or
conditions, or that include words such as �may,� �will,� �expects,�
�projects,� �anticipates,� �estimates,� �believes,� �intends,�
�plans,� �should,� �seeks,� and similar expressions. This press
release contains forward-looking statements relating to, among
other things, Salary.com�s expectations and assumptions concerning
future financial performance. Forward-looking statements involve
known and unknown risks and uncertainties that may cause actual
future results to differ materially from those projected or
contemplated in the forward-looking statements. Forward-looking
statements may be significantly impacted by certain risks and
uncertainties described in Salary.com�s filings with the Securities
and Exchange Commission. The risks and uncertainties referred to
above include, but are not limited to, risks associated with
possible fluctuations in our operating results and rate of growth,
our history of operating losses, the possibility that we will not
achieve GAAP profitability, interruptions or delays in our service
or our Web hosting, our business model, breach of our security
measures, the emerging market in which we operate, developments
with respect to litigation to which we are a party, performance of
acquired businesses, our ability to hire, retain and motivate our
employees and manage our growth, competition, our ability to
continue to release and gain customer acceptance of new and
improved versions of our service, successful customer deployment
and utilization of our services, and general economic conditions
and other factors affecting spending by customers. Salary.com
expressly disclaims any obligation to update any forward-looking
statements.
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