United States: Cornerstone OnDemand agrees to sell to Clearlake Capital Group for $ 5.2 billion
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San Francisco – August 5, 2021 – Cooley advised Cornerstone OnDemand, a publicly traded global leader in talent management software, on its sale agreement to private equity firm Clearlake Capital Group. Lawyers Jamie Leigh, Ben Beerle, Rachel Proffitt and Matt Silverman led the Cooley team advising Cornerstone on the transaction, which has an enterprise value of approximately $ 5.2 billion.
Under the agreement, Clearlake will acquire the outstanding common shares of Cornerstone. Once completed, Cornerstone will become a privately held company with the flexibility and resources to continue to provide market-leading SaaS talent management solutions. In addition, the transaction will provide Cornerstone with the operating capabilities, capital support and in-depth industry expertise of Clearlake, as well as its strong track record of investing in software platforms. The agreement is expected to be finalized in the second half of 2021.
âClearlake’s investment reflects their confidence in our talented people, the power of our SaaS solutions and our value proposition for our customers,â Phil Saunders, CEO of Cornerstone, said in a press release. “With this transaction, we plan to continue to seek new software capabilities that advance our clients’ efforts to optimize workforce agility, transform skills development, deliver personalized and engaging growth experiences. and align their organizations around a common definition of success.We are delighted to welcome Clearlake as a partner who appreciates the impact of our SaaS solutions on the lives of people at work and our customer-centric philosophy as we let’s accelerate our innovation. â
Cornerstone powers the workforce ready for the future, with software and HR solutions designed to unite people, teams, technology and business, and inspire a work environment of growth, agility and success for all. The company serves more than 6,000 customers and 75 million users in 180 countries and 50 languages.
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