The Perfode team spent a great deal of time building a robust, highly scaleable application that is flexible enough to handle any performance management process
Vancouver, BC (PRWEB) March 28, 2007
Cytiva Software Inc. (CRX:TSX.V), a leading provider of on-demand recruiting software solutions, has announced its intent to purchase Perfode, a pre-launch enterprise software package for employee performance management.
Under the terms of the deal, Cytiva would acquire Perfode in exchange cash and stock. Key personnel who developed Perfode will join Cytiva as part of the deal. Closing is subject to various conditions including a due diligence review and regulatory approval.
Perfode has been in development for the last 18 months. This employee performance management application suite is just weeks away from launch.
The Perfode deal extends Cytiva's SonicRecruit talent acquisition suite into the performance management arena. This acquisition allows Cytiva to provide an end-to-end solution for acquiring talent, managing corporate and individual goals, tracking and evaluating employee performance, providing employee surveys, performing multi-rater assessments, managing compensation and more.
"The Perfode team spent a great deal of time building a robust, highly scaleable application that is flexible enough to handle any performance management process," said Jason Moreau, CEO of Cytiva Software Inc. "This acquisition allows Cytiva to hit the ground with a first generation application that we believe will set the standard for employee performance management applications in the future."
In 2006, Cytiva hired former CCHKnowledgePoint president Ian Alexander to guide its marketing efforts, and in February 2007, former KnowledgePoint software development director Jim Sillars was brought on to head up the development of future performance management solutions. Both men were key to building and launching Performance Impact, the first web-based performance management application. This solution was the clear market-share leader when CCHKnowledgePoint was sold to Vurv Technologies in 2004.
With over 180 clients and strong client services and national sales organizations, Cytiva will endeavor to achieve the same triple-digit sales growth numbers for its performance management applications as it has for its SonicRecruit recruiting application.
"With the addition of PerfodeÂ’s developers to our already impressive roster of performance management software leadership, we are confident in our ability to execute on our talent management strategy and surpass customer expectations," said Moreau. "This combination of recruiting software market momentum, world-class sales and service capabilities, proven performance management leadership and robust scaleable product is unmatched in the industry."
The market for talent management products that enable organizations to hire, develop, compensate and mobilize their workforces around key goals has taken off in recent years. According to The Yankee Group, an industry research firm, the worldwide market for talent management solutions -- which includes employee learning and performance, career and succession planning, recruitment and compensation management -- is expected to grow from $2.3 billion in 2006, to more than $4 billion by 2009.
About Cytiva Software Inc.
Cytiva Software Inc. (CRX:TSX.V) provides innovative on-demand talent management software and services to mid-sized and Fortune 500 companies. Its flagship talent acquisition 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. For more information, visit http://www.sonicrecruit.com.
The TSX has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Forward-looking Statements: This news release contains forward-looking statements related to the future financial condition and results of operations of Cytiva. These statements are based on current expectations and estimates about the human resources markets in which Cytiva operates and managementÂ’s beliefs and assumptions regarding these markets. These statements are subject to important risks and uncertainties which are difficult to predict and assumptions which may prove to be inaccurate. Some of the factors which could cause results or events to differ materially from current expectations include but are not limited to: general economic conditions, market or business conditions; changing competitive environment; changing regulatory conditions or requirements; changing technology; and success in implementing productivity initiatives. Some of these factors are largely beyond the control of Cytiva. Should any
factor impact Cytiva in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. All of the forward-looking statements made in this document are qualified by these cautionary statements, and there can be no assurance that the results or developments anticipated by Cytiva will be realized or, even if substantially realized, that they will have the expected consequences for Cytiva. Readers should not place undue reliance on any forward-looking statements. Further, Cytiva disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or any other occurrence.
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