Salary.com Completes Divestiture of Payroll Business
NEEDHAM, MA, (Aug 12, 2010) -- Salary.com, Inc. (NASDAQ: SLRY), a leading provider of on-demand compensation and talent management solutions, today announced that the company has completed previously announced plans to divest its payroll business. In an all-cash transaction, Salary.com received $2.5 million in cash consideration for the company's former Genesys subsidiary, a provider of enterprise payroll and human resource management software.
Paul Daoust, interim chief executive officer, stated, "Completion of the sale of our payroll business is a significant milestone in the restructuring plan we announced in May. By completing this divestiture, Salary.com's restructuring and realignment plan is essentially complete and we are now focused on our core businesses, which consist of our on-demand compensation and talent management software and data, as well as our consumer business.
On August 10, we were pleased to report first quarter 2011 results that were highlighted by strong organic bookings growth on both a year-over-year and sequential basis. In returning to positive operating cash flow earlier than anticipated, we are demonstrating significant progress with our realignment and restructuring plan and toward our ultimate goal of profitable growth."
Harbor View Advisors, LLC advised Salary.com on this transaction.
About Salary.com, Inc.
Salary.com is a leading provider of on-demand compensation and talent management solutions. Salary.com's highly configurable software applications and proprietary content help executives, line managers and compensation professionals automate, streamline and optimize critical talent management processes including: market pricing, compensation planning, performance management, competency management, and succession planning. Built with compensation and competency data at the core, Salary.com solutions provide businesses of all sizes with the most productive and cost-effective way to manage and inspire their most important asset -- their people. For more information, visit www.salary.com.
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Safe Harbor Statement
This release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 and growth, as well as the status of Salary.com's realignment plan, which includes divesting businesses, reducing product offerings, and focusing on particular products, and the expected benefits of that plan. 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, the impact of the recent global economic recession and uncertainty in the information technology spending environment, potential disruption to our business from our workforce reduction and recent sales of certain product and business lines, risks associated with possible fluctuations in our operating results and rate of growth, integration and performance of acquired businesses, our history of operating losses, the possibility that we will not achieve GAAP profitability, our ability to expand our customer base, the impact of recently divested businesses and reductions and consolidations in product and service offerings, the impact of non-recurring expenses, interruptions or delays in our service or our Web hosting, our business model, breach of our security measures, our ability to hire, retain and motivate our employees and manage our growth, our ability to generate additional revenues from our investments in sales and marketing, 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, our ability to convert on our pipeline, fluctuations in the number of shares outstanding and general economic factors, as well as those risks and uncertainties described in Salary.com's filings with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended March 31, 2010. Salary.com expressly disclaims any obligation to update any forward-looking statements.
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