CARMEL, Ind. (April 7, 2006) - - Performance Assessment Network, Inc. ("pan"), a leader in online assessment and talent management systems, today announced that it has been acquired by St. Louis-based TALX Corporation (NASDAQ: TALX), a leading provider of human resource services.
pan was founded in 2000 and has since experienced rapid growth as a result of customer demand for its offerings, which help organizations identify top talent, automate the candidate hiring cycle, lower costs and minimize turnover. TALX is experienced with complementary front-end hiring solutions that remove burdens from human resources, including prior employment checking, tax credit and incentive identification, electronic I-9 form management, and paperless new hire packet processing.
William W. Canfield, chairman and chief executive officer of TALX, said, "The strategic acquisition of pan represents a new business segment for TALX and an opportunity to expand the scope of the human resource services that we provide to our growing customer base. pan has a reputation for creating consistently positive customer experiences through its systems and its people. We are delighted to welcome pan to the TALX family of companies."
David T. Pfenninger, Ph.D., chairman and chief executive officer of pan, added, "Since its inception, pan has demonstrated an unwavering dedication to helping organizations improve their human resource processes. Through our secure Web-based solutions and organizational development expertise we´ve been instrumental in helping thousands of employers to create a higher caliber workforce. During that time, we´ve also actively sought additional opportunities to forge exciting relationships that ultimately deliver value to our customers. By joining forces with TALX, we believe that pan will be better positioned to innovate and thrive in the competitive human capital management marketplace."
Prior to the acquisition by TALX, pan was a closely held company. The financial terms of the acquisition were released on April 6, 2006 and the transaction is now closed. pan will continue to operate from Carmel, Indiana, retaining its own brand identity.
About pan
Performance Assessment Network, Inc. (pan) is the leading provider of Internet-based testing and assessment solutions, with thousands of corporate, government, and education users internationally. pan administers millions of tests, assessments, and surveys annually. For more information, visit www.panpowered.com <http://www.panpowered.com/> .
Media Contacts:
For pan:
Lisa Kreinbring
The Devon Group
(732) 224-1000, ext. 26
lisa[at]devonpr.com <#lisa[at]devonpr.com>
For TALX:
Pam Stevens
TALX Corporation
(314) 214-7235
pamela.stevens[at]talx.com