HRSoft acquires compensation management solution provider CompTrak
HRSoft, a provider of cloud-based compensation lifecycle management software, announced its strategic acquisition of CompTrak, a Toronto-based compensation management solution provider, for an undisclosed price.
CompTrak’s solution modernizes the management of incentive, equity, and merit review compensation plans. It allows companies to customize and manage various compensation plans, linking them directly to corporate strategic goals, while eradicating reliance on spreadsheets and outdated systems.
Utilizing a highly secure cloud-based infrastructure, CompTrak can be swiftly implemented within weeks to bolster corporate incentive plans.
The integration of CompTrak’s profound expertise with blue-chip financial services firms and Fortune 500 companies into HRSoft’s product suite will result in a highly comprehensive, powerful, and user-friendly compensation management platform, complete with broad compliance, automation, integration, and analytics capabilities.
Lasse Silegren — CompTrak co-founder and CEO said: “The combination of HRSoft and CompTrak is a natural fit, driven by our shared values of innovation and our commitment to customer success.
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supported over one million employees across various sectors, revolutionizing organizations by eliminating reliance on outdated processes.”
This merger aligns with HRSoft’s strategic objectives to innovate the human resources and payroll functions, a significantly underexploited opportunity. This move also underscores HRSoft’s commitment to delivering top-notch compensation lifecycle management capabilities to its customers.
The acquisition seamlessly complements HRSoft’s existing portfolio, including its compensation management platform, COMPview, pay-for-performance solution, PERFORMview, and total rewards communication solution, REWARDview. With this acquisition, HRSoft aims to further enhance its reach and service offering in the realm of compensation management.
Joe Poxson — HRSoft CEO said: “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.
“We will be adding CompTrak’s talented and dedicated staff, which will only enhance our ability to deliver best-in-class client experiences.”