Paying for the Ring
The HR software vendor will use about half the money to pay for its acquisition of BrassRing.
January 29, 2007
Kenexa, BrassRing Finis: Kenexa Corp. closed its secondary public sale of stock January 24 after raising $113.5 million. The Wayne, Pennsylvania-based HR software vendor sold 3.75 million shares of common stock for nearly $32 per share. About half the proceeds, or roughly $49 million, are earmarked to pay down debt related to Kenexa’s $115 million acquisition of rival BrassRing in November. BrassRing marks the second acquisition for Kenexa since its shares began trading on the Nasdaq in June 2005. It also bought Webhire in January 2006.