Kenexa buys BrassRing for $115 million

Oct. 6, 2006 at 2:48 PM
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WAYNE, Pa., Oct. 6 (UPI) -- Kenexa Corp., a Philadelphia-area employment software firm, is buying BrassRing, which makes human resources software for $115 million.

Kenexa will pay for the deal, expected to close in this quarter, through a combination of cash and borrowings from its credit facility, the company said Friday in a news release.

"BrassRing has about 180 customers across verticals such as aerospace, financial services, healthcare and medical technology," Kenexa said, including Time Warner, IKEA, ConAgra Foods, Inc., RR Donnell, and Nissan Motor Co.

Shares of Kenexa were up more than 9 percent in Friday afternoon trading.

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