An affiliate of private equity investment firm HIG Capital has acquired a portfolio of compensation product offerings, including Salary.com, from IBM Corporation.
Founded in 1999 and headquartered in Wellesley, Massachusetts, Salary.com is a provider of reliable information, software, and best practices for compensation professionals. The Company’s product offerings help employers find and analyse detailed, real-time, and accurate information about employee compensation, as well as providing a platform for managing their daily workflow.
William Nolan, Managing Director at HIG, says: “We are excited to have the opportunity to invest in Salary.com and work with Kent Plunkett and his team as they pursue their goals of both enhancing the Company’s current product offerings and developing new solutions that help consumers and customers make well-informed, data-based compensation decisions. We look forward to supporting the next phase of the Company’s growth.”
“Compensation is complex, and for today’s employers to be successful, they need the tools and data that enable them to simplify the connections between people and pay,” says Kent Plunkett, CEO and the founder of Salary.com. “Salary.com is the most widely recognised and trusted source for employer-reported compensation data to facilitate decision-making around employee compensation. On behalf of the team, we are thrilled to provide our customers with the high-touch service and expertise that they expect in the compensation space.”
Todd Ofenloch, Managing Director at HIG, adds: “We believe as a standalone, focused business with the resources to grow and expand the product offering, Salary.com is capable of furthering its leading market position and compelling potential customers to select its solutions over competitive offerings or continuing to utilise in-house options.”