Beacon Hill Democrats reached a deal Friday on legislation that would require companies with at least 25 employees to list pay ranges on job postings, a move that advocates argued will primarily help women and people of color boost their income.

The proposal has been the subject of closed-door talks since the fall and may have hit some delays when a top House negotiator resigned his elected post to serve in Gov. Maura Healey’s administration.

Sen. Pat Jehlen, a Somerville Democrat, and Rep. Danielle Gregoire, a Marlborough Democrat, said studies show that women and people of color undervalue their own work and the bill “would ensure that people know the value of their labor and can negotiate for better pay with access to better information.”

“The bill also includes new data collection provisions to help identify gender and racial wage gaps within business sectors. Data collection is vital as we cannot fix what we don’t measure,” the duo said in a statement. “We look forward to final passage and the governor’s signature.”

The House approved its version of the bill in early October and the Senate greenlighted its own proposal roughly two weeks later. The two proposals were largely the same, though the House exempted governmental bodies from pay disclosure.

The final bill that is expected to reach Healey covers any employer, public or private, according to a summary provided by Gregoire’s office.

Lawmakers also agreed to require companies with more than 100 employees to share their federal wage and workforce data reporters with the state’s labor department, which in turn would publish aggregated data in an attempt to identify wage and racial wage gaps by industry.

Separately, Democrats at the State House also appeared to be close to releasing a deal on a $1.2 billion borrowing bill focused on technology and cybersecurity infrastructure. The documents necessary to file a proposal were picked up from the House Clerk’s office just before 1 p.m.