Kenexa to acquire BrassRing
Kenexa Inc, a leading provider of software and proprietary content that enables organisations to effectively recruit and retain employees, on Wednesday announced an agreement to acquire BrassRing, a provider of talent management solutions.
Under the terms of the agreement, Kenexa would pay an aggregate purchase price of approximately $115 million for all of BrassRing’s assets, including $10 million in net cash.
Kenexa, which has a major presence in Hyderabad, currently expects to finance the deal through a combination of cash and borrowings from its credit facility. The transaction is expected to close in the fourth quarter, subject to customary conditions.
The Kenexa’s Chief Executive Officer, Mr Rudy Karsan, told newspersons here that the acquisition of BrassRing is significant for both Kenexa and the talent management industry. BrassRing has a robust technology platform that has been proven at the largest global organisations in the world.
The addition of BrassRing’s tier one customer base, broad product suite, global product capabilities and infrastructure help to further extend Kenexa’s strong market position, he added.
BrassRing, a US-based company has approximately 180 customers across verticals such as aerospace, financial services, healthcare and medical technology.
Its customer base includes Time Warner, IKEA, ConAgra Foods, Inc, RR Donnelly, and Nissan Motor Company.
Source:
