HRSoft Expands Leadership Position in the Compensation Management Market with CompTrak Acquisition
Combined Entity Will Further Enable Global Compliance and Complex Compensation Planning and Execution with Scalable Enterprise-Grade SaaS Solutions
DENVER, CO (June 20th, 2023) — HRSoft, the global leader for cloud-based Compensation Lifecycle Management software, announced today that it has acquired CompTrak, a compensation management solution provider based in Toronto, Canada. By adding CompTrak’s strong expertise in blue-chip global financial services firms and Fortune 500 companies to HRSoft’s best of breed product suite, the combined entity will provide the most comprehensive, powerful, and easy-to-use compensation management capabilities with extensive compliance, automation & integration, and analytics capabilities.
This strategic acquisition furthers HRSoft’s strategic priorities to deliver innovation to a massive greenfield opportunity in the human resources and payroll function; this solidifies the company’s commitment to providing leading compensation lifecycle management capabilities to all its customers. The acquisition complements HRSoft’s existing portfolio, which includes the award-winning compensation management platform, COMPview™, pay-for-performance solution, PERFORMview™, and total rewards communication solution, REWARDview™.
“As a united company, we are in a perfect position to keep pace with the high demand of our solution, while providing a superior customer experience and increasing our research and development pipeline across our product offerings,” states Joe Poxson, CEO of HRSoft. “We will be adding CompTrak’s talented and dedicated staff, which will only enhance our ability to deliver best-in-class client experiences.”
“The combination of HRSoft and CompTrak is a natural fit, driven by our shared values of innovation and our commitment to customer success,” said Lasse Silegren, co-founder, and CEO of CompTrak. Lasse further said, “As one of Canada’s fastest-growing companies, CompTrak has achieved significant global growth in recent years. Its platform has successfully supported over one million employees across various sectors, revolutionizing organizations by eliminating reliance on outdated processes.”
“Our mission is to transform complex compensation problems into opportunities, allowing enterprise-level organizations to leverage total employee rewards as a strategic lever and realize better alignment of outcomes with workforce engagement and performance,” said Maitlan Cramer, Director with Bow River Capital’s Software Growth Equity team. Cramer further stated, “With this acquisition, HRSoft is bolstering its offerings to further serve the global market’s growing need for robust compensation benchmarking, financial planning, and compliance in compensation management.”
CIBC Mid-Market Investment Banking was the exclusive financial advisor to CompTrak.
Holland & Hart LLP and Bennett Jones LLP served as legal counsel to HRSoft and Bow River Capital in connection with the transaction.
About HRSoft
HRSoft is the global leader in compensation lifecycle management software, offering a portfolio of compensation-focused solutions that help organizations streamline their compensation processes and improve employee engagement. The flexible low-code solution integrates with any HRIS suite and meets the unique compensation complexities of enterprise clients.
About CompTrak
CompTrak is a comprehensive solution that is transforming the way incentive, equity and merit review compensation plans are managed today. CompTrak allows companies to innovate, customize, manage multiple compensation plans, and ensure that they are linked to corporate strategic goals while eliminating the need for spreadsheets and dependency on legacy systems. CompTrak utilizes a highly secure cloud-based infrastructure and can be implemented within weeks to support corporate incentive plans.
Source HRsoft
