Salary.com Announces Acquisition of Genesys Software

On-demand compensation software vendor Salary.com Inc. (SLRY) late Wednesday said it would acquire Genesys Software Systems Inc., a provider of human resource, benefits and payroll services.

Terms of the deal were not disclosed in the Salary.com press release, for some reason. Instead, the company steers you to a regulatory filing, which reveals that it paid $6.8 million net of the $1.7 million cash Genesys had on-hand, with an additional $2 million earn-out. The filing also reveals that Genesys services more than 1.6 million people throughout North America and had approximately $8 million in revenue for fiscal 2008, which ended June 30.

The press release does provide some useful information -- Thomas Weisel Partners LLP served as financial adviser to Salary.com in connection with the deal, while Cantor Fitzgerald & Co. provided like services for Genesys. -- David Shabelman

See Dec. 10 press release from Salary.com