Taleo to Acquire Cytiva
February 01 2011 - 5:00AM
Marketwired
Taleo Corporation (NASDAQ: TLEO), the leading provider of on-demand
talent management solutions, today announced it has signed a
definitive agreement to acquire Cytiva (TSX-V: CRX), a leading
mid-market provider of on-demand recruiting software solutions, for
approximately $11 million Canadian dollars in cash.
This acquisition solidifies Taleo's leadership position in
talent management for small and medium-sized businesses, and will
extend Taleo's customer base that will benefit from Taleo's unified
talent management platform. The acquisition continues Taleo's
commitment to offer SMB customers a fully optimized talent
management suite to meet the unique needs of this market.
Cytiva software is used by more than 250 companies throughout
North America including Restoration Hardware, Ocean Spray and
Mediacom. Cytiva has been recognized by Bersin and Associates for
its candidate and hiring manager user experience.
"We are excited about the opportunity to continue providing
Cytiva's customers with a high level of service and support while
bringing them the advantages of Taleo's full suite of recruiting,
performance, succession, compensation, and learning capabilities,"
said Michael Gregoire, Chairman and CEO of Taleo. "Through our
experienced, dedicated integration team we will ensure that our new
customers' needs are heard and addressed as they leverage all of
Taleo's capabilities to better know their people and drive business
results."
The acquisition is subject to customary closing conditions,
including regulatory approval, and is expected to be completed
early in Q2, 2011.
For more information: www.taleo.com
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About Taleo Taleo's (NASDAQ: TLEO)
cloud-based talent management platform unites products and an
ecosystem to drive business performance through talent
intelligence. Nearly 20 million people, worldwide, use Taleo for
talent acquisition, performance and compensation management,
including 48 of the Fortune 100. Further, Taleo's Talent Grid cloud
community harnesses the expertise of Taleo customers and more than
200 million candidates and 140 partners and industry experts.
About Cytiva Software Cytiva Software Inc.
(TSX-V: CRX) provides innovative on-demand talent management
software and services to mid-sized and Fortune 500 companies. Its
flagship recruiting software product, SonicRecruit, allows
corporations to screen applicants, automate recruiting departments,
customize corporate career sites and hire great people. This
premier applicant tracking system improves recruiting
effectiveness, speeding up the hiring process and reducing cost per
hire. Cytiva's SonicPerform employee performance management
software automates employee evaluations, aligns employees around
key goals and encourages year round feedback. For more information,
visit http://www.cytiva.com.
Forward-looking Statements
This press release contains forward-looking statements,
including statements regarding the expected timing of the closing
of the acquisition, the expected benefits of the acquisition to:
Taleo's leadership and market position; Taleo's sales efforts;
Taleo's products and services; and Taleo's customers. Any
forward-looking statements contained in this press release are
based upon Taleo's historical performance and its current plans,
estimates and expectations and are not a representation that such
plans, estimates, or expectations will be achieved. These
forward-looking statements represent Taleo's expectations as of the
date of this press release. Subsequent events may cause these
expectations to change, and Taleo disclaims any obligation to
update the forward-looking statements in the future. These
forward-looking statements are subject to known and unknown risks
and uncertainties that may cause actual results to differ
materially, including risks related to (1) the satisfaction of
closing conditions to the acquisition, including receipt of Cytiva
shareholder approval, British Columbia court approval and
regulatory approvals, (2) difficulties in integrating Cytiva and
its products, services and employees into Taleo and achieving
expected synergies, (3) Taleo's ability to retain key employees,
(4) whether the market for Taleo's products and services grows as
anticipated, and Taleo's ability to compete successfully, (5)
Taleo's ability to deliver new products and services and to acquire
and renew customers, and (6) other factors affecting the operation
of the respective businesses. Further information on potential
factors that could affect actual results is included in Part II,
Item 1A of Taleo's Quarterly Report on Form 10-Q, as filed with the
SEC on November 5, 2010, and in other reports filed by Taleo with
the SEC.
Media Contact: Mary Jo Rose 925-452-3252
mrose@taleo.com
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