PayScale, a provider of compensation data and technology, and Payfactors, a compensation data management company, have merged.
PayScale plans to integrate and prioritize product offerings with a direct focus on customer needs and success while continuing to grow its market footprint. PayScale CEO Scott Torrey will become CEO of the combined company with Payfactors CEO Jeff Laliberte taking on the role of chief strategy officer and joining the PayScale board.
“We see an obvious and natural fit between Payfactors and PayScale as we are aligned on a clear mission to empower companies to make compensation a strategic imperative and transform the relationship that employers have with their employees,” said Laliberte. “Together, we can better serve the needs of our customers by providing the right data, at the right time, within the right context to better inform human capital management decisions. I’m energized and inspired by the importance of this opportunity and for the continuation of our efforts to accelerate the pace of positive change in our shared industry.”
Insight Partners will make a new equity investment into the combined company, rolling 100% of their Payfactors equity and joining Francisco Partners as part of the PayScale investor base. Ryan Hinkle and David Spiro from Insight Partners will join the new organization’s expanded board of directors.