Clearlake Capital completes the acquisition of Cornerstone OnDemand


Clearlake’s investment will accelerate Cornerstone’s product innovation to help organizations and their employees grow and succeed, together

Posted: October 15, 2021 at 9:04 a.m. EDT|Update: 5 hours ago

SANTA MONICA, California, October 15, 2021 / PRNewswire / – Clearlake Capital Group, LP (together with its subsidiaries “Clearlake“) announced today that it has completed the acquisition of Cornerstone OnDemand, Inc. (NASDAQ: CSOD,” Cornerstone OnDemand “or” Cornerstone “), a global leader in talent management software. The acquisition was previously announced the August 5, 2021, and was approved by Cornerstone OnDemand shareholders on 12 october, 2021. Under the terms of the agreement, Clearlake 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 private company and Cornerstone’s common stock is no longer listed on the public market.

www.clearlake.com (PRNewsfoto / Clearlake Capital Group)

The acquisition combines Cornerstone’s product and industry leadership with Clearlake proven experience in software investment and operational improvement approach, SPO®, to strengthen and accelerate the next phase of business growth and innovation.

Clearlake investing in Cornerstone is an exciting and important milestone for our business and our customers, ”said Phil saunders, CEO, Cornerstone. “Clearlake has shown immense confidence in our talented team and the direction we are taking. With their financial sponsorship to invest in growth, we will have even more opportunities to accelerate innovation and advance our clients’ efforts to ensure their organizations – and their employees – are ready for the future. “

“Cornerstone has done a tremendous job providing top notch software solutions to a large global customer base,” said Behdad Eghbali, co-founder and managing partner, and Prashant Mehrotrapartner of Clearlake. “We are delighted to partner with the talented employees of the company and believe Cornerstone is well positioned to continue to strengthen its strong leadership position in SaaS talent management solutions, both organically and through a business activity. acquisition of additional modules accelerated. “

“We are proud to partner with Clearlake and the Cornerstone leadership team in the next stage of business growth, ”said David Fishman, Managing Director and Head of Private Equity, and Andy Fishman, Managing Director of Vector Capital. “During our ownership of Saba Software, we have developed an immense respect for Cornerstone, and we believe that the innovative products and people of the company will extend Cornerstone’s leadership position for years to come.

Advisers
Qatalyst Partners and Centerview Partners LLC served as financial advisers to Cornerstone, and Cooley LLP served as legal counsel.

Morgan Stanley, Rothschild & Co., JP Morgan, Goldman Sachs, BoA Securities, Barclays, Jefferies and William Blair served as financial advisers to Clearlake. Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisors to Clearlake in connection with the acquisition and debt financing.

JP 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 everyone. With an AI-powered, competency-driven system designed for the contemporary workforce, we help organizations modernize their learning and development experience, deliver the most relevant content from anywhere , accelerate the mobility of talent and careers 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/

On Clearlake
Founded in 2006, Clearlake Capital Group, LP is an investment firm operating integrated businesses in private equity, credit and other related strategies. With a sector-based approach, the company seeks to partner with world-class management teams by providing patient and long-term capital to dynamic businesses that can benefit from Clearlake operational improvement process, OPS® The main target sectors of the company are technology, industry and consumption. Clearlake currently has more than $ 50 billion of assets under management, and its senior investment directors have led or co-led over 300 investments. The company has offices at Santa Monica and Dallas. More information is available at www.clearlake.com and on Twitter @ClearlakeCap.

Cornerstone Media Contact:
Deaira irons, Cornerstone OnDemand
[email protected]

Clearlake Media Contact:
Jennifer hurson, Lambert & Cie.
[email protected]

Cornerstone on demand
Cornerstone on demand

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SOURCE Clearlake Capital Group

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