WAYNE, Pa.—Tech leader IBM is acquiring recruiting and talent management solutions firm Kenexa Corp. in a transaction valued at approximately $1.3 billion.
The transaction has been approved unanimously by the Kenexa Board of Directors, which recommends Kenexa shareholders approve the transaction.
The transaction is expected to be completed during the fourth calendar quarter, after which Kenexa will be wholly owned by IBM and its stock will no longer trade on the New York Stock Exchange.
Based in Wayne, P.A., Kenexa provides software-as-a-service solutions organizations use to recruit and develop employees and handle performance management with about 8,100 paid subscribers. Its Canadian offices are in Toronto and Ottawa.