News
Cavendish advises on sale of Psychometric Services Limited (PSL)
20 November 2006Cavendish Corporate Finance is pleased to announce the successful sale of Psychometric Services Limited (PSL), the privately-owned, London-based provider of assessment solutions, to Kenexa Corporation (Nasdaq: KNXA). Cavendish acted as sole adviser to the shareholders.
Under the terms of the agreement, Kenexa paid an aggregate purchase price of approximately £4.25 million for PSL. The acquisition of PSL will extend Kenexa's range of products and services and also aids its plans to develop its international presence.
PSL was founded in 1989 by Richard Alberg, who will remain with the business. PSL offers a series of assessment solutions which are both powerful and extremely easy to use, and which can be used across a broad range of occupational sectors. The Company's published range of assessment tools includes personality questionnaires, ability tests and screening, selection and development tools.
Kenexa Corporation provides software, services and proprietary content that enable organizations to more effectively recruit and retain employees. Headquartered in Pennsylvania Kenexa have seen revenues grow from $65 in 2005 to an expected $187 in 2006.
Richard Alberg of PSL praised the tenacity of Cavendish and commented:
''Many thanks for your contribution in achieving what I believe to be an excellent outcome for all the stakeholders in PSL. Your advice and contributions to the negotiations have been welcomed and appreciated.''
[Raymond Fagan], lead Cavendish Director on the deal, commented:
''The sale of PSL is the second transaction this year for Cavendish where the organisation is involved in developing software which helps improve the management of human resources (see LinkHR Systems sale to Northgate Information Solutions plc). PSL attracted both domestic and international interest, and demonstrates our wide buyer research capabilities and that of our partners in M&A International, Inc. Kenexa was the ideal acquiror, given the complementary services it already provides and its stated intention to expand globally.''
Cavendish contact for further information:
[Raymond Fagan], Director