Cytiva Acquires Performance Management Software

Cytiva Software Inc, a 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 Cytivaís 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.

ìThe Perfode team spent a great deal of time building a robust, highly scaleable application that is flexible enough to handle any performance management process,î said Jason Moreau, CEO of Cytiva Software Inc. ìThis 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.î

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.

îWith the addition of Perfodeís 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,î said Moreau. ìThis 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.î

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 ó which includes employee learning and performance, career and succession planning, recruitment and compensation management ó is expected to grow from $2.3 billion in 2006, to more than $4 billion by 2009.