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Human resources software company Taleo Corp. (NASD: TLEO) announced this week it struck a deal to buy Vurv Technology Inc., a talent management software company based in Jacksonville FL. Taleo will pay $128.8 million in cash and stock. The deal is set to close by the end of the second quarter.
The combined company will have more than 3,400 customers.
"Taleo's acquisition of Vurv will form one of the largest on demand companies in the world, and one that is poised to capitalize on the talent management opportunity," Taleo President and CEO Michael Gregoire said in a conference call with analysts. "Talent management is now evolving from an industry with dozens of vendors offering point solutions to a few leading vendors offering a broader footprint that will make it easier for customers to buy and deploy talent management solutions."
Portions of Vurv's products will be incorporated into the Taleo platform over the next 18 months and customers on both platforms will be supported during this time, Gregoire said.