Salary.com(TM) Acquires ICR Limited, L.C. - A Premier Provider of Compensation Data for the Specialty Consumer Goods and Global Technology Industries
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(R) - 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(R) -
market pricing data and software, and TalentManager(TM) -
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.