Well, at least they agreed to raise your salaries accordingly.
It would have been nice they had done it earlier, but this shows some decency at least.
I remember one of my brother's co-worker, who did an awesome job and had been working for the company for quite a bit, and asked for a raise. They said no.
He knew he was worth it and insisted a bit - so they fired him!
They had to hire someone else, but they could not find anybody for the amount they paid him. Ended up paying more than the first worker had asked... and the new guy is not half as good in his job!