Cornerstone OnDemand, Inc. (NASDAQ: CSOD), a global leader in talent control software program, these days introduced it has entered right into a definitive agreement to be acquired by Clearlake Capital Group, L.P. (together with sure of its associates, “Clearlake”), a main private fairness firm. Under the phrases of the agreement, Clearlake will accumulate the brilliant shares of Cornerstone common stock for $fifty seven.50 per share in coins. The transaction has an agency price of about $5.2 billion.
The $fifty seven.50 according to proportion buy rate represents a top rate of approximately 31% to Cornerstone’s unaffected closing stock price on June 1, 2021, the ultimate full trading day previous to Clearlake filing a Schedule 13D in connection with the Company’s strategic evaluate process, and a forty% top class to the Company’s unaffected LTM VWAP. Upon of completion of the transaction, Cornerstone will become a non-public employer with the ability and assets to maintain to offer marketplace leading, skills control software program-as-a-service (“SaaS”) solutions. Additionally, Cornerstone will benefit from the running skills, capital support and deep zone know-how of Clearlake and their robust song report with software platform investments.
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Phil Saunders, Chief Executive Officer of Cornerstone, stated, “Clearlake’s funding reflects their self assurance in our talented humans, the electricity of our SaaS solutions and our cost proposition for our customers. With this transaction, we plan to retain to pursue new software program capabilities that improve our customers’ efforts to optimize personnel agility, remodel talent development, deliver customized, enticing increase reviews, and align their groups round a shared definition of fulfillment. We’re thrilled to welcome Clearlake as a companion that appreciates the impact our SaaS answers have at the lives of people at paintings and our customer-centric philosophy as we accelerate our innovation.”
As a private organization with Clearlake as a companion, Cornerstone will be even better positioned to innovate, to capitalize on our marketplace opportunities and to increase our platform,” stated Adam Miller, Founder and Co-Chairman of the Board. “The introduced substantial strategic flexibility and monetary assets will create new possibilities for our personnel, offer our clients with extra capabilities to empower their human beings and permit us to help tens of millions more people realize their ability.”
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Richard Haddrill, Co-Chairman of the Board, said, “Today’s assertion is the culmination of a strong strategic review process performed by way of the Board over the past numerous months. This manner taken into consideration our standalone possibilities and solicited and inbound hobby from a huge quantity of parties, along with ability strategic and economic partners. We are very pleased to attain this agreement, which offers our stockholders with compelling, positive cash fee and undoubtedly displays the operational and strategic synergies carried out through Cornerstone’s prior acquisition of Saba.”
“We have long favorite Cornerstone’s main skills control SaaS solutions and the Company’s venture to assist customers modernize the learning and development enjoy for his or her personnel,” stated Behdad Eghbali, Co-Founder and Managing Partner at Clearlake. “We agree with there may be a enormous opportunity to strategically role Cornerstone within the market as a leading platform and industry consolidator, and we look forward to partnering with the management team to power price via both natural boom acceleration and inorganic transformation.”
“With a compelling suite of marketplace-main SaaS answers, and information of product innovation, we recall Cornerstone is properly located within the growing and hastily evolving talents manipulate marketplace,” stated Prashant Mehrotra, Partner, and Paul Huber, Principal at Clearlake. “We are excited to leverage Clearlake’s O.P.S.® framework to assist the Company make more potent its strategic boom plans and boost up the tempo of execution.”
“We have evolved deep admiration and respect for Cornerstone over time, especially all through our ownership of Saba Software. We are thrilled to assist the Company’s exceptional management team and personnel to increase Cornerstone’s control because the pre-eminent next-generation talents control software software platform.
