Cornerstone OnDemand

Cornerstone OnDemand, Inc. is a cloud-based people development software provider[3] headquartered in Santa Monica, California.[4] The company is publicly traded on the NASDAQ stock exchange under the ticker symbol CSOD. Cornerstone has approximately 7,000 clients worldwide including Canon, Fossil, Henkel, Hyatt, RSM, Walgreens and Wendy's.[5] It has more than 70 million users in 180 countries and products in over 40 languages.[6]

Cornerstone OnDemand, Inc.
Public
Traded asNASDAQ: CSOD
ISINUS21925Y1038
IndustrySoftware
FoundedSanta Monica (1999)
Founders
  • Adam Miller
  • Perry Wallack
  • Steven Seymour
Headquarters
Santa Monica, California
,
United States
Area served
Worldwide
Key people
  • Phil Saunders (CEO)
  • Brian Swartz (CFO)
  • Mark Goldin (CTO)
  • Heidi Spirgi (CSMO)
  • Kimberly Cassady (Chief Talent Officer)
  • Adam Weiss (Chief Legal Officer)
  • Adam Miller (Co-Chair, Board of Directors)
  • Elisa Steele (Co-Chair, Board of Directors)
Revenue$576.5 million [1]
Number of employees
Approx. 3,000 [2]
Websitecornerstoneondemand.com

History

Adam Miller, Perry Wallack and Steven Seymour founded Cornerstone OnDemand as CyberU in 1999. Headquartered in Santa Monica, Calif., Cornerstone started as CyberU, which provided online corporate training and education for adults, but as its clients began to ask for more ways to help automate their human resource functions, the company pivoted and morphed into what it is today. [7] Cornerstone OnDemand raised $32 million in its first venture capital round in September 2007. The funding round was led by Bessemer Venture Partners and Bay Partners.[8]

In March 2011, Cornerstone OnDemand raised $136.5 million in its initial public offering.[9][10]

In March 2012, Cornerstone acquired Sonar6, a cloud-based talent management software for small business, for $14 million.[11]

In October 2014, Cornerstone acquired Evolv, a data analysis software provider, for $42.5 million.[12][13][14]

In 2016, the company's annual revenue was $423.1 million.[15]

In 2017, the company was named to Fortune magazine's 50 Best Workplaces For Giving Back list. That same year, the company was named to Fortune's 25 Best Workplaces in the Bay Area.[16]

In November 2017, the company raised a $300 million investment from LinkedIn and Silver Lake Partners to fund a share buyback program and growth.[17] As a result of the investment, the company expanded its board of directors to 10 members.[18]

In September 2018, Cornerstone acquired Workpop to enhance its recruiting offering, and acquired Grovo in November 2018 to help build out its content subscription offering, Content Anytime.

In February 2020 Cornerstone made its largest acquisition yet by acquiring Saba for $1.4Bn[19][20].

In June 2020, former SABA CEO Phil Saunders replaced Adam Miller as CEO of Cornerstone OnDemand[21].

Cornerstone Innovation Fund

The Cornerstone Innovation Fund invests and collaborates with cloud-based startups in the talent management space.[22] In August 2015, it invested in One Month, Rallyteam, Strive, and Workpop.[22][23].


See also

References
  1. "Cornerstone OnDemand, Inc. 2019 Earnings Announcement". Cornerstone OnDemand. February 24, 2020. Retrieved June 26, 2020.
  2. "What it's Like Taking Over Cornerstone at a 'Bizarro Time' - a Q&A with Saunders and Miller". Dot.LA. May 13, 2020. Retrieved June 26, 2020.
  3. "Cornerstone to buy talent management developer Saba". HR Executive. February 25, 2020. Retrieved June 26, 2020.
  4. "Cornerstone OnDemand". Glassdoor. Retrieved June 26, 2020.
  5. "Featured Customers That Trust Cornerstone OnDemand". Featured Customers. Retrieved June 26, 2020.
  6. "Cornerstone Completes Acquisition of Saba Software". Business Insider. April 22, 2020. Retrieved June 26, 2020.
  7. "A Cornerstone of the Cloud". Real Money. April 27, 2012. Retrieved June 26, 2020.
  8. "Interview with Adam Miller, Cornerstone OnDemand". socaltech. September 17, 2007. Retrieved October 26, 2015.
  9. "Cornerstone OnDemand raises $136.5 mln in IPO". Reuters. March 16, 2011. Retrieved October 26, 2015.
  10. "At Silicon Valley Bank, risky tech start-ups are lucrative business". Los Angeles Times. August 8, 2015. Retrieved October 26, 2015.
  11. "Cornerstone OnDemand Buys Sonar6 For $14 Million". Forbes. March 8, 2012. Retrieved October 26, 2015.
  12. "Cornerstone OnDemand thinks big data can tell you who to hire". Fortune. May 12, 2015. Retrieved October 26, 2015.
  13. "Cornerstone OnDemand nabs machine-learning big data platform Evolv". ZDNet. October 7, 2014. Retrieved October 26, 2015.
  14. "Cornerstone OnDemand Acquires Evolv Inc. for $43 Million". Los Angeles Business Journal. October 7, 2014. Retrieved October 26, 2015.
  15. "Annual Financials for Cornerstone OnDemand Inc". MarketWatch. 2016. Retrieved June 26, 2020.
  16. "The 25 Best Workplaces in the Bay Area". Fortune. April 26, 2017. Retrieved August 3, 2017.
  17. Dignan, Larry (November 8, 2017). "Cornerstone OnDemand Nets $300 Million Investment From Silver Lake, LinkedIn; Reports Strong Q3". ZD Net. Retrieved March 18, 2018.
  18. Kang, Jaewon (November 8, 2017). "Silver Lake, LinkedIn Invest $300 Million in Software Provider Cornerstone OnDemand". The Wall Street Journal. Retrieved March 18, 2018.
  19. Cherney, Max A. "Cornerstone to acquire Saba for $1.4 billion, reports earnings". MarketWatch. Retrieved 2020-04-07.
  20. "Cornerstone OnDemand buys Saba for $1.4 billion". ZDnet. February 24, 2020. Retrieved February 25, 2020.
  21. "Phil Saunders - Chief Executive Officer". Cornerstone OnDemand. Retrieved June 22, 2020.
  22. "CORNERSTONE ONDEMAND Announces Innovation Fund, First Investments". LA Tech Digest. August 27, 2015. Retrieved October 23, 2015.
  23. "Cornerstone OnDemand Invests In Four Companies". socaltech. August 27, 2015. Retrieved October 26, 2015.
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