HIG Capital said Wednesday it acquired a portfolio of compensation product offerings, including Salary.com, from IBM Corp. Financial terms weren’t announced. Wellesley, Massachusetts-based Salary.com provides information, software, and best practices for compensation professionals. Moorgate Partners and Stifel Nicolaus acted as financial advisors while Paul Hastings LLP was the attorney for HIG.
BOSTON–(BUSINESS WIRE)–H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with $19 billion of equity capital under management, is pleased to announce that an affiliate 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 leading provider of reliable information, software, and best practices for compensation professionals. The Company’s product offerings help employers find and analyze 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 H.I.G., commented, “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,” said Kent Plunkett, CEO and the founder of Salary.com. “Salary.com is the most widely recognized 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 H.I.G., added, “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 utilize in-house options.”
Moorgate Partners and Stifel Nicolaus acted as financial advisors and Paul Hastings LLP acted as legal advisor to H.I.G.
The technology leader in employee compensation data, software and services, Salary.com provides enterprises, small businesses and individuals with reliable information about employee pay levels and compensation-related best practices, trends and policies. Through industry-leading cloud-based software and extensive domain knowledge, the company helps clients win the war for talent by simplifying the connections between people and pay. Salary.com’s proven technology solutions, coupled with actionable data and content, empowers businesses to make fast, accurate compensation decisions about pay and deliver superior results.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $19 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:
- I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- Other H.I.G. funds invest in various real assets, including real estate and shipping.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.