Industry’s fastest-growing compensation technology firm is investing for the future
Kent Plunkett, Founder & CEO of Salary.com, the compensation solution provider of the trusted data and intuitive software you need to get pay right, announced the company has secured $67M in funding in a financing round led by Accel-KKR Credit Partners, center Lane, and Wells Fargo Capital Finance. Salary.com was advised by Raymond James. Prior investors H.I.G. Capital and Salary.com management also participated. The new capital will be used to accelerate innovation and expand hiring at the industry’s fastest-growing compensation management company.
Managing the complexities around compensation management is a top priority for organizations facing elevated expectations around workforce transformation. Vast and diverse data sets, big data analysis, and visualizations are becoming the norm. Infrastructure for job description management and market pricing are in high demand. In building the world’s largest compensation data cloud on the industry’s most secure collaboration platform, Salary.com is redefining modern compensation analysis.
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“Salary.com created the compensation technology category in 1999 and continues to lead the industry in bringing innovations to the field under the steady hand of the original team, a plus in an industry that has seen much upheaval and consolidation,” said Todd Ofenloch, Managing Director in the Boston office of H.I.G. Capital. “We’re excited to support the company’s future growth and next wave of innovation.”
“The transformative state of compensation has left many companies overwhelmed by the many possibilities,” said Ken Lau, co-founder and managing director of center Lane Partners. “Salary.com has the benefit of the industry’s most comprehensive platform, an experienced team of compensation experts led by founding CEO Kent Plunkett, and a compelling vision for the future. We’re pleased to join them as they guide companies through this defining period in compensation management.”
As a leading industry innovator, Salary.com recently launched a series of new products, including the Pay Equity Reporting Toolkit and JobArchitect, which streamlines the job description management process. The company’s flagship offering CompAnalyst®, offers the largest and most reliable HR-reported compensation data set needed to market price jobs.
“We are excited to support Salary.com and their growth trajectory as a market-leader,” said Andrew Phillips, Managing Director at Wells Fargo Capital Finance. “The company is well-positioned to help its clients achieve a proactive role addressing important issues in the ever- evolving labor market.”
“Pay affects every company, and it is a fiscal and social responsibility that companies must get right. COVID-19 has changed the landscape with more employees working remotely, further complicating compensation as companies look to attract top talent while maintaining culture and managing expenses,” said Samantha Shows, Managing Director at Accel-KKR Credit Partners. “Salary.com is the trusted choice for 8,000 organizations and over 45 million employees globally; we look forward to supporting the management team as they continue to evolve and lead their industry.”
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