“This transaction represents another major milestone in Cornerstone’s amazing journey. We’re thrilled to welcome Clearlake as a partner that appreciates the impact our SaaS solutions have on the lives of people at work and our customer-centric philosophy as we accelerate our innovation.” With this transaction, we plan to continue to pursue new software capabilities that advance our customers’ efforts to optimize workforce agility, transform skill development, deliver personalized, engaging growth experiences, and align their organizations around a shared definition of success. Phil Saunders, Chief Executive Officer of Cornerstone, said, “Clearlake’s investment reflects their confidence in our talented people, the power of our SaaS solutions and our value proposition for our customers. Additionally, Cornerstone will benefit from the operating capabilities, capital support and deep sector expertise of Clearlake and their strong track record with software platform investments. Upon completion of the transaction, Cornerstone will become a private company with the flexibility and resources to continue to provide market leading, talent management software-as-a-service ("SaaS") solutions. The $57.50 per share purchase price represents a premium of approximately 31% to Cornerstone’s unaffected closing stock price on June 1, 2021, the last full trading day prior to Clearlake filing a Schedule 13D in connection with the Company’s strategic review process, and a 40% premium to the Company’s unaffected LTM VWAP. The transaction has an enterprise value of approximately $5.2 billion. Under the terms of the agreement, Clearlake will acquire the outstanding shares of Cornerstone common stock for $57.50 per share in cash. (together with certain of its affiliates, “Clearlake”), a leading private equity firm. (NASDAQ: CSOD), a global leader in talent management software, today announced it has entered into a definitive agreement to be acquired by Clearlake Capital Group, L.P. SANTA MONICA, Calif.-( BUSINESS WIRE)-Cornerstone OnDemand, Inc. ^ "French startup Clustree acquired by Cornerstone OnDemand for $18.5 million".^ "Cornerstone Buys Grovo Learning for $24M | Los Angeles Business Journal".^ "Cornerstone OnDemand Acquires Hiring Platform Workpop | Los Angeles Business Journal".for $43 Million | Los Angeles Business Journal". ^ "Cornerstone OnDemand Acquires Evolv Inc."Cornerstone OnDemand nabs machine-learning big data platform Evolv". "Cornerstone OnDemand Buys Sonar6 For $14 Million". "Silver Lake, LinkedIn Invest $300 Million in Software Provider Cornerstone OnDemand". "Cornerstone OnDemand buys Saba for $1.4 billion". ^ "Cornerstone OnDemand reimagines the corporate training video experience".^ "Clearlake Capital to Buy Cornerstone OnDemand for $5.2 Billion | Los Angeles Business Journal".^ a b "In $5.2B deal, Cornerstone OnDemand goes private".^ "Clearlake Capital Completes Acquisition of Cornerstone OnDemand" (Press release).^ "The 25 Best Workplaces in the Bay Area".^ a b "Cornerstone to buy talent management developer Saba".^ "What it's Like Taking Over Cornerstone at a 'Bizarro Time' - a Q&A with Saunders and Miller". List of talent management system companies.Learning Experience Platform, Digital Adoption Platform and Marketplace Acquisitions DateĬloud-based talent management software for small businessĪ developer of software to help match employers and job candidates The new owner will be taking the company private. was acquired by private equity firm Clearlake Capital Group in a deal estimated to be worth $5.2 billion. In August 2021, Cornerstone OnDemand Inc. In 2017, the company received a $300 million investment from Linkedin and Silver Lake. With the purchase of Saba in 2020, the company expanded to 7000 users. As of 2017, more than 3000 companies were using the companies software. The company went public in 2011 on NASDAQ and trades under the symbol CSOD. was founded by Adam Miller, Perry Wallack and Steven Seymour in 1999 under the name CyberU and as a learning technology company. Cornerstone started as CyberU, which provided online corporate training and education for adults, but eventually shifted focus to human resources software. The company was publicly traded on the NASDAQ stock exchange under the ticker symbol Nasdaq: CSOD until it was acquired by private-equity firm Clearlake Capital in 2021. is a cloud-based people development software provider and learning technology company.
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