SANTA MONICA, Calif.,
Oct. 15, 2021 /PRNewswire/ --
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.
Cornerstone Media Contact:
Deaira Irons, Cornerstone OnDemand
dirons@csod.com
Clearlake Media Contact:
Jennifer Hurson, Lambert & Co.
jhurson@lambert.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/clearlake-capital-completes-acquisition-of-cornerstone-ondemand-301401233.html
SOURCE Clearlake Capital Group