Salary.com Completes Divestiture of Payroll Business
12 Agosto 2010 - 3:01PM
Marketwired
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.
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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