In another deal, a licensing agreement with Schoonover Associates, Salary.com will create a database of competencies for 3,400 jobs.
By Garry Kranz Comments 0 | Recommend 0
Competency Buy: Salary.com is buying ITG Competency Group of Princeton, New
Jersey, in a deal valued at about $3 million. As part of the transaction,
Waltham, Massachusetts-based Salary.com will pay $1.5 million in cash and
$500,000 worth of Salary.com stock for ITG’s competency management library and
other assets. ITG will be eligible to earn as much as $1 million up to two years
following close of the transaction if certain performance targets are met,
according to a statement from Salary.com. The deal, along with a new licensing
agreement between Salary.com and competency management firm Schoonover
Associates, gives Salary.com a competency database for about 3,400 jobs. As part
of the agreement, Salary.com is able to provide consulting services on
competency development and partner reseller services.
Workforce Management contributing editor Garry Kranz is based in Richmond, Virginia. E-mail editors@workforce.com to comment.
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