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April 24 (Reuters) - Private equity firm Warburg Pincus has agreed to take a majority stake in software startup PayScale, which offers compensation data to individuals and companies.
Warburg Pincus will invest up to $100 million to recapitalize and grow the company to allow it to develop new data and software tools for the human resources market, the companies said on Thursday.
Founded in 2000 by former Microsoft manager Joe Giordano, Seattle-based PayScale provides data on individual compensation and competes with companies such as Salary.com
Over the past two decades Warburg Pincus, which has more than $37 billion in assets under management, has invested more than $3 billion in software companies, according to its website.
Raymond James & Associates served as financial advisor to PayScale. (Reporting By Nicola Leske; editing by Andrew Hay)