Salary.com(TM) Acquires Premier Competency Management Consulting Practice with the Acquisition of Schoonover Associates, Inc.
December 27 2007 - 6:00PM
PR Newswire (US)
Dr. Stephen Schoonover and his job-competency organization will
join Salary.com's existing competency data and services group
WALTHAM, Mass., Dec. 27 /PRNewswire-FirstCall/ -- Salary.com, Inc.
(NASDAQ:SLRY), a leading provider of on-demand compensation and
talent management solutions, announced today that it has acquired
the assets of Schoonover Associates, Inc. (Schoonover Consulting).
With the addition of Schoonover's world-renowned consulting
services, Salary.com establishes the industry's premier competency
management data and consulting services group. The acquisition of
Schoonover Consulting expands Salary.com's competency offering to
include the leading design experts in competency-based, performance
development systems along with one of the most comprehensive
libraries of over 2,000 leadership and job-specific competencies.
This acquisition follows in the footsteps of a July 2007 agreement
wherein Salary.com secured an evergreen license to the Schoonover
Consulting competency data library. "With this acquisition,
Salary.com adds a world class consulting capability to its data
libraries of competency and job models," said Kent Plunkett, chief
executive officer of Salary.com. "Dr. Stephen Schoonover is one of
the pioneers of competency driven human resources consulting and
has specialized in competency consulting for over twenty-five
years. In that time, he has advised primarily large global
enterprises including Citicorp, Freddie Mac, General Electric,
GlaxoSmithKline, Hewlett-Packard, Johnson & Johnson, Kellogg
School of Management, Merck, Lockheed Martin, Oracle Corporation,
Texas Pacific Group, Thomson Financial Services, Tyson Foods,
Rational Software, Raytheon, and Sun Microsystems as well as worked
on engagements in collaboration with other leading practitioners
including Accenture, Ernst & Young, and PricewaterhouseCoopers.
We are very excited to have the renowned Dr. Schoonover join the
Salary.com team and lead our competency consulting practice." "We
have found that employers struggle with the challenges presented by
implementing competency models and integrating them with their
talent management software programs. The key to speedy and
successful implementation of a competency initiative is to start
with a robust data model and bundle that with high level advice by
domain experts to ensure the optimal outcome for each client,"
added Plunkett. "By combining the forces of Schoonover Associates
with ITG Competency Group, acquired in August of 2007, Salary.com
will now offer customers the expertise, data models, and
professional services to make competencies the foundation of any
company's talent management strategy. Employers can use
Salary.com's data to build a competency foundation, augment
internal libraries, and integrate with other applications,
including Salary.com's TalentManager(R), InfoBasis, Saba,
SuccessFactors, and SumTotal." "This transaction is a win for
Schoonover Associates, Salary.com, and our respective clients,"
said Dr. Stephen Schoonover, president of Schoonover Associates,
Inc. "We're combining the expertise in competency management and
services of Schoonover Associates with Salary.com's on-demand
technology and client service infrastructure to support client
engagements and provide additional enterprise value. We're looking
forward to being part of Salary.com and helping customers implement
best practices in performance, succession, recruiting,
compensation, and leadership development." Under the terms of the
agreement, Salary.com paid Schoonover Consulting $3,500,000 in cash
at closing. Schoonover Consulting also will be eligible to earn up
to $500,000 in additional cash consideration and $1,500,000 in
newly issued stock consideration-each based on meeting certain
performance targets during the first five years after the closing
of the acquisition. Dr. Stephen Schoonover will join Salary.com as
Vice President and General Manager of Salary.com's Competency Data
and Services Group. Salary.com does not expect a material revenue
impact for its fiscal year ending 3/31/08 as a result of this
acquisition. About Salary.com, Inc. Salary.com is a leading
provider of on-demand compensation and talent 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 clients'
compensation spend. For more information, visit
http://www.salary.com/. About Schoonover Associates, Inc.
Schoonover Associates, Inc. is a leading provider of competency
management data and consulting services with over 20 years of
experience helping clients maximize their human capital. The
Schoonover Consulting library of over 2,000 leadership competencies
provides businesses with the job-competency models needed to
improve management of their talent management processes. Schoonover
consultants create and implement fully-integrated solutions that
range from developing leadership and HR strategies to
competency-based performance development systems such as
goal-setting methodologies, competency profiles, succession
planning, employee development, career planning and other talent
management initiatives. This work is enabled by intellectual
property based on hundreds of studies resulting in valid competency
models, best practice frameworks and methods to institutionalize
new HR systems and achieve business results faster. For more
information visit http://www.schoonover.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 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. The risks and
uncertainties referred to above include, but are not limited to,
risks associated with our ability to maintain Schoonover
Associates' key contracts and successfully generate new business,
possible fluctuations in our operating results and rate of growth,
our history of operating losses, the possibility that we will not
achieve GAAP profitability, our ability to expand our customer base
and product and service offerings, 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,
integration and 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, as well as those risks and uncertainties described in
Salary.com's filings with the Securities and Exchange Commission.
Salary.com expressly disclaims any obligation to update any
forward-looking statements. (SLRY-F) DATASOURCE: Salary.com
CONTACT: Elle Hoxie of Salary.com, +1-781-464-7841, ; Garo
Toomajanian, Integrated Corporate Relations, +1-617-956-6728, Web
site: http://www.salary.com/ http://www.schoonover.com/
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