Payscale Announces Leadership Transition Amid Year of Strong Growth
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SEATTLE, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Payscale, Inc., the leading provider of compensation data, software and services, announced today that Scott Torrey has decided to step down as Chief Executive Officer and that Alex Hart will succeed Mr. Torrey as Payscale’s Chief Executive Officer, effective immediately. Mr. Torrey will continue to support the business in an advisory capacity through the transition.
Mr. Hart has an extensive track record of success in leading software businesses at key inflection points in their growth trajectories. Most recently, he was the CEO of 2Checkout (formerly known as Avangate), leading an acceleration in growth from 5% to 30% at the time of its acquisition by Verifone. Previously, he was the President & CEO of Official Payments from 2010 until its sale to ACI Worldwide in 2013. Mr. Hart has also previously held leadership roles at FleetCor, CheckFree, and Corillian.
“It has been an honor to lead Payscale for the past two years through a time of strong growth, both organically and through its recent acquisitions of Payfactors and Curo,” said Mr. Torrey. “Having built a strong management team, a portfolio of market leading products, and established the foundation for growth, Payscale is in a wonderful position to help every employee and employer #getpayright.”
“We appreciate Scott’s leadership and his contributions to Payscale over the past few years, having helped meaningfully increase the company’s scale, reach and capabilities,” said Peter Christodoulo, Partner at Francisco Partners. “We are also very excited to welcome Alex Hart onboard and believe his deep experience leading high growth technology businesses makes him an ideal candidate to take the company to the next level of growth.”
“We are thrilled to bring Alex’s energy, expertise, and track record in leading businesses to Payscale,” said Ryan Hinkle, Managing Director of Insight Partners. “We would also like to acknowledge and thank Scott for his stewardship, which has helped position Payscale as the market leader of compensation data, software and services it is today.”
“We are uniquely positioned to help companies value their people, and people realize their value. With access to near real-time compensation data and labor market insights, organizations can differentiate their talent strategies and eliminate unintentional pay bias and inequity,” said Jeff Laliberte, Chief Strategy Officer. “HR functions work tremendously hard to get pay right, and by educating and involving employees in compensation discussions, we're able to eliminate information asymmetry to build trust and drive more employee loyalty and engagement.”
“The need to get compensation right has never been more important, and I am excited to join Payscale at such a pivotal moment. The Great Resignation, remote and hybrid work arrangements, and the heightened prominence of pay equity issues make compensation excellence a strategic imperative. Payscale is especially well-positioned to assist its nearly 10,000 customers in navigating the new landscape through its market-leading compensation data, benchmarking, and analytics,” said Mr. Hart. “I look forward to building on Payscale’s strong momentum and helping this talented leadership team further accelerate the company's growth.”
About PayscaleAs the industry leader in compensation management, Payscale helps job seekers, employees and businesses get pay right, with 10,000 customers, including 53% of the Fortune 500, and prices 27 million jobs annually with $1.4 trillion in value across 198 countries. Payscale’s mission is to empower organizations to make fair compensation a strategic imperative and fuel every pay decision with data-driven confidence, accompanied by best-in-class services, and innovative software. Payscale provides multiple options to contrast, manage, and analyze pay data, helping employers to make equitable compensation decisions. Fueled by predictive analytics, practical recommendations, and industry insights, Payscale helps HR teams to adjust compensation reflecting near real-time changes in the market —with the competitive advantage of adapting faster. To learn how companies like The Washington Post, Perry Ellis International, United Healthcare and The New York Times rely on Payscale to attract and retain top talent, engage employees, and plan their future workforce, visit www.payscale.com. Pay is Powerful.
About Francisco PartnersFrancisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has invested in more than 300 technology companies, making it one of the most active and longstanding investors in the technology industry. With more than $25 billion in assets under management, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.
About Insight PartnersInsight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
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