Clearlake Capital Completes Acquisition of Cornerstone OnDemand
15 10월 2021 - 9:58PM
Business Wire
Clearlake’s investment will accelerate
Cornerstone’s product innovation with the aim of helping
organizations and their people grow and succeed, together
Vector Capital completes its minority
investment in Cornerstone
Clearlake Capital Group, L.P. (together with its affiliates
“Clearlake”) today announced that it has completed its acquisition
of Cornerstone OnDemand, Inc. (NASDAQ: CSOD, “Cornerstone
OnDemand”, or “Cornerstone”), a global leader in talent management
software. The acquisition was previously announced on August 5,
2021, and was approved by Cornerstone OnDemand shareholders on
October 12, 2021. Under the terms of the agreement, Clearlake has
acquired the outstanding shares of Cornerstone common stock for
$57.50 per share in cash. As a result of the transaction,
Cornerstone is now a privately held company and shares of
Cornerstone common stock are no longer listed on the public
market.
The acquisition combines Cornerstone’s product and industry
leadership with Clearlake’s proven software investment experience
and operational improvement approach, O.P.S.®, to strengthen and
accelerate the company’s next phase of growth and innovation.
“Clearlake’s investment in Cornerstone is an exciting and
important step for our company and our customers,” said Phil
Saunders, CEO, Cornerstone. “Clearlake has shown immense confidence
in our talented team and the direction we are headed. With their
financial sponsorship to invest behind growth, we will have even
greater opportunity to accelerate innovation and advance our
customers’ efforts to ensure their organizations – and people – are
future-ready.”
“Cornerstone has done a tremendous job providing best-in-class
software solutions to a large base of global customers,” said
Behdad Eghbali, Co-Founder and Managing Partner, and Prashant
Mehrotra, Partner, of Clearlake. “We are thrilled to partner with
the company’s talented employees and believe that Cornerstone is
well positioned to continue building on its strong leadership
position for talent management SaaS solutions, both organically and
through accelerated add-on acquisition activity.”
“We are proud to partner with Clearlake and the Cornerstone
management team in the next stage of the company’s growth,” said
David Fishman, Managing Director and Head of Private Equity, and
Andy Fishman, Managing Director at Vector Capital. “During our
ownership of Saba Software, we developed tremendous respect for
Cornerstone, and we believe the company’s innovative products and
people will extend Cornerstone’s leadership position for years to
come.”
Advisors
Qatalyst Partners and Centerview Partners LLC served as
financial advisors to Cornerstone, and Cooley LLP served as legal
counsel.
Morgan Stanley, Rothschild & Co., J.P. Morgan, Goldman
Sachs, BoA Securities, Barclays, Jefferies and William Blair served
as financial advisors to Clearlake. Sidley Austin LLP and Paul,
Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel
to Clearlake in the connection with the acquisition and debt
financing.
J.P. Morgan, BoA Securities, Ares, Golub, Antares, Barclays,
Blue Owl, BMO Capital Markets, BNP Paribas, Credit Suisse, Goldman
Sachs and Jefferies provided debt financing for the
transaction.
About Cornerstone
Cornerstone powers the future-ready workforce with adaptive HR
software designed to unite people, teams, technology and business
to inspire a work environment of growth, agility and success for
all. With an AI-powered and skills-forward system designed for the
contemporary workforce, we help organizations modernize their
learning and development experience, deliver the most relevant
content from anywhere, accelerate talent and career mobility and
establish skills as the universal language of growth and success
across their business. Cornerstone serves over 6,000 customers and
75M users and is available in 180 countries and 50 languages.
https://www.cornerstoneondemand.com/
About Clearlake
Founded in 2006, Clearlake Capital Group, L.P. is an investment
firm, operating integrated businesses across private equity,
credit, and other related strategies. With a sector-focused
approach, the firm seeks to partner with world class management
teams by providing patient, long term capital to dynamic businesses
that can benefit from Clearlake’s operational improvement approach,
O.P.S.® The firm’s core target sectors are technology, industrials,
and consumer. Clearlake currently has over $50 billion of assets
under management, and its senior investment principals have led or
co-led over 300 investments. The firm has offices in Santa Monica
and Dallas. More information is available at www.clearlake.com and
on Twitter @ClearlakeCap.
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version on businesswire.com: https://www.businesswire.com/news/home/20211015005359/en/
Cornerstone Media Contact: Deaira Irons, Cornerstone
OnDemand dirons@csod.com
Clearlake Media Contact: Jennifer Hurson, Lambert &
Co. jhurson@lambert.com
Cornerstone OnDemand (NASDAQ:CSOD)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Cornerstone OnDemand (NASDAQ:CSOD)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024