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Clearlake Capital Group has completed its acquisition of Cornerstone OnDemand at
Cornerstone OnDemand (NASDAQ: CSOD) is set to host its annual conference, Cornerstone Convergence, on November 16-17, 2021. This free virtual event aims to inspire organizations to adapt in a rapidly changing work environment. With over 50 sessions, attendees can engage with company leaders, industry experts, and customer success stories. The conference emphasizes creating purposeful workplace cultures and introduces Cornerstone's innovations. CEO Phil Saunders highlighted the importance of resilience and growth in workplaces.
Cornerstone OnDemand, Inc. (NASDAQ: CSOD) has unveiled a transformative vision for a modern 'system of work' aimed at enhancing workforce agility and unity. This system addresses the evolving needs of organizations post-COVID-19, emphasizing skill development and workforce readiness. Key innovations include advancements in technology architecture, AI integration, and personalized content delivery. Cornerstone aims to foster a skills-driven workplace, leveraging its extensive user data to customize learning experiences, ultimately positioning itself for continued growth in the HR software sector.
Cornerstone OnDemand, Inc. (NASDAQ: CSOD) received multiple accolades for its leadership in HR technology. Recognized as a leader in Integrated Talent Management by IDC MarketScape, Cornerstone excels in areas such as Learning Management, Talent Management, Performance Management, and Compensation Management. Additionally, it was named a Strategic Leader by Fosway Group for Learning Systems and a Strategic Challenger for Talent Acquisition. The Cornerstone Skills Graph won the Best Advance in Practical AI award. With demand for its content doubling, the company is set to unveil new innovations at the upcoming Cornerstone Convergence conference.
Cornerstone OnDemand (NASDAQ: CSOD) has announced its acquisition by Clearlake Capital Group for $57.50 per share in cash, resulting in an enterprise value of approximately $5.2 billion. This offer represents a premium of about 31% over the closing stock price prior to Clearlake's interest. Post-acquisition, Cornerstone will become a private entity, allowing it enhanced operational flexibility and capital support. The transaction is expected to close in the second half of 2021, pending regulatory approvals and stockholder consent.
Cornerstone OnDemand, Inc. (CSOD) reported its second quarter 2021 results, showing a 16.3% revenue increase to $214.3 million year-over-year. Subscription revenue rose by 16.7% to $206.8 million. Operationally, income improved significantly, posting a profit of $20.9 million compared to a loss of $(22.4) million in the prior year. Non-GAAP net income surged to $51.9 million or $0.73 per share. Additionally, it announced an acquisition agreement with Clearlake Capital at $57.50 per share, with an enterprise value of approximately $5.2 billion.
Cornerstone OnDemand (NASDAQ: CSOD) is set to release its financial results for Q2 2021 on August 5, 2021, after market close. A conference call will be held at 2 p.m. PT (5 p.m. ET) on the same day to discuss the results. Interested parties can find dial-in information and a live webcast on the company's investor relations events page. An audio replay of the call will be available for three days post-event. Cornerstone serves over 6,000 customers, supporting more than 75 million users globally with its comprehensive people development solutions.
Cornerstone OnDemand (NASDAQ: CSOD) announced the Learning Content Summit: Reunite, Rebuild, Recharge, a free virtual event on May 12 aimed at enhancing skill development amidst changing workplace demands. Recent data indicates a doubling in the demand for workplace learning, with revenue from their content subscription service increasing tenfold. The summit will feature industry experts discussing pertinent issues and new initiatives, including the release of new Cornerstone Originals courses to address current learning needs.
Cornerstone OnDemand (NASDAQ: CSOD) reported its Q1 2021 results, showcasing a revenue of $209.3 million, reflecting a 39.4% year-over-year growth. Subscription revenue accounted for $200.6 million, up 38.9% year-over-year. Operating income was $9.1 million, with a margin of 4.3%, compared to a loss last year. Non-GAAP net income rose to $48.4 million, or $0.70 per share. The company raised its profitability estimates due to positive trends and a solid start to the fiscal year, projecting annual revenue between $851 million and $859 million.
Cornerstone OnDemand, Inc. (NASDAQ: CSOD) has successfully repriced its senior secured term loan facility, reducing the interest rate from LIBOR plus 4.25% to LIBOR plus 3.25%. The outstanding loan value decreased from $850 million to $830 million. This repricing is expected to save approximately $9 million annually in cash interest expenses, enhancing liquidity for strategic growth initiatives. The maturity date remains April 22, 2027. Morgan Stanley acted as Lead Arranger for the transaction.
