Salary.com(TM) Closes Acquisition of ITG Competency Group - Leading Job-Competency Company
August 08 2007 - 11:34AM
Business Wire
Salary.com, Inc. (NASDAQ: SLRY), a leading provider of on-demand
compensation management solutions, announced today that it has
closed the asset purchase of ITG Competency Group of Princeton, New
Jersey, effective August 3, 2007. As part of the transaction,
Salary.com paid $1.5 million in cash and $500,000 in�Salary.com
stock for ITG�s competency management data and design consulting
business. ITG will operate as a strategic business unit of
Salary.com and will continue to provide consulting services on
competency development as well as partner reseller services. The
acquisition, along with a new licensing agreement between
Salary.com and competency management firm Schoonover Associates,
gives Salary.com a competency database of over 3,400 jobs. 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 ITG Competency Group, LLC
ITG is a pioneer in competency management, offering a unique
combination of off-the-shelf competency models and implementation
services designed to accelerate performance or learning management
initiative. ITG offers cost-effective competency models for
Banking, Insurance, Retail, Manufacturing, Financial Services,
Information Technology and Corporate functions and has been helping
clients align employee performance to corporate goals for over a
decade. About Schoonover Associates, Inc. Schoonover Associates,
Inc. creates and implements competency consulting solutions that
range from developing leadership and HR strategies to
competency-based performance systems to help its clients maximize
their human assets. 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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