Seattle-based PayScale has merged with Payfactors to become "industry leader" in compensation technology. | Stock Photo
Seattle-based PayScale has merged with Payfactors to become "industry leader" in compensation technology. | Stock Photo
A Seattle-based compensation software and data company plus a Massachusetts-based business that provides compensation data management tools have merged.
PayScale, a compensation data, services and software company in Seattle, and Payfactors, a compensation management technology company with offices in Quincy and Burlington, Massachusetts, merged to become “one of the largest providers of its kind in North America,” a press release said.
The merger will make the new, combined company an “industry leader” that has more than “10,000 customers, 52% of Fortune 500 companies, impacting more than 35 million employees, and over 100 million visitors to the website each year who research and compare average salaries for more than 10,000 jobs,” PayScale’s website said.
PayScale and Payfactors will continue to operate “as-in” to avoid service and support interruptions, PayScale’s website said.
The merger of the two businesses into one company will help “shape the future of the compensation technology landscape,” Scott Torrey, CEO of PayScale; and Jeff Laliberte, CEO of Payfactors, said in a letter to their customers.
“This union could not happen at a better time given the market shifts in 2020; the focus on social justice, transition to remote work and the exponential growth in the demand for data and analytics that helps businesses to quickly reflect these changes equitably and strategically for their organizations,” the letter said. “We are two organizations 100% aligned on a clear mission. United, we will empower companies to make compensation a strategic imperative and transform the relationship that employers have with their employees.”
Torrey will be CEO of the new company, the press release said. Laliberte will be the chief strategy officer and will join the PayScale board.
Private equity firm Insight Partners will roll 100% of its Payfactors equity into the new company, the press release said. Insight Partners will join global investment firm Francisco Partners “as part of the PayScale investor base,” the press release said.
Alerts Sign-up