Media
Centre
PRESS INFORMATION
ISSUED ON BEHALF OF:
Cornerstone OnDemand
Media Contacts:
Michelle Haworth
Cornerstone OnDemand
Phone: +1 (310) 752-0178
mhaworth@cornerstoneondemand.com
March 16 2009
Cornerstone
OnDemand Secures New Financing to Accelerate Business Growth
Added funding from top-tier firm Meritech Capital creates significant
opportunities for talent management software leader to capture
additional market share from competitors
Santa Monica, Calif., March 16, 2009 - Cornerstone OnDemand Inc., a
leader in on-demand, integrated learning and talent management software
and services, today announced it has secured a new $12,700,000 round of
financing led by Meritech Capital Partners. Existing investors,
including Bessemer Venture Partners and Bay Partners, also participated
in the round.
Despite current capital market conditions, the financing was done at a
premium to all prior rounds. The added funding enables Cornerstone to
pursue new market opportunities, further enhance its service offerings,
and continue its aggressive business and financial growth.
"Even though we had considerable cash reserves from our prior round and
another cash flow positive quarter at the close of 2008, Cornerstone
believes this period of extreme global macroeconomic volatility will
create significant opportunities for us to capture additional market
share from our competitors," said Adam Miller, President and CEO,
Cornerstone OnDemand Inc. "We wanted to have the flexibility to be
opportunistic."
Cornerstone has continued to experience rapid growth and remain
profitable in spite of the economic downturn, recently announcing
record Q4 and FY 2008 financial results and nearly 70 percent growth of
its client base. The company also is ranked among the fastest growing
companies in North America, including recognition by the Deloitte 2008
Technology Fast 500 and the Inc. 5000.
According to Knowledge Infusion's Center of Excellence, "Not only has
Cornerstone remained a fiscally conservative company, it also has built
one of the most fully functional and configurable talent management
suites on the market. The company excels when it comes to internal
talent management and the ability for companies to focus on career
development. It also has a strong track record for innovating new
products, such as integrating internal social networking into its
talent management suite."
Based in Palo Alto, Meritech Capital specializes in late-stage funding
for premier information and medical technology companies. In
conjunction with the funding, Rob Ward, Managing Director of Meritech
Capital, has been named to Cornerstone's board of directors.
"We are excited to add Cornerstone OnDemand to our portfolio of
best-of-breed, late-stage technology company investments," said Ward.
"The company's healthy financial position highlights the vibrancy of
its business and the competency of its executive leadership. We believe
Cornerstone's value proposition is even more compelling in this
economic crisis, as shifting business conditions and reduced workforces
make solutions for managing and developing employees even more critical
to a company's bottom line."
Added Miller, "Because of Cornerstone's rapid growth, we were fortunate
to have many financing options available to us, even with today's
turmoil in the capital markets. We chose Meritech to broaden our global
reach with another top-tier partner."
About Cornerstone OnDemand
Cornerstone OnDemand (
www.cornerstoneondemand.com ) empowers people around the world with
on-demand, integrated learning and talent management software and
services for connecting, developing and performing in the workplace.
Cornerstone's Software-as-a-Service (SaaS)-based solutions span the
workforce lifecycle, including onboarding, learning, social networking,
compliance, performance, compensation and succession planning. The
company also provides extended enterprise solutions to help companies
better train and collaborate with customers, vendors and resellers.
Available in 14 languages and supported by global, 24x7 customer care,
Cornerstone is used by more than 1.8 million active subscribers in 141
countries. The company is headquartered in Santa Monica, California and
has international offices in London, Paris, Munich, Tel Aviv and
Mumbai.
About Meritech Capital Partners
Meritech Capital Partners is a premier expansion stage venture capital
firm that invests in category defining private technology companies.
With over $2.2 billion under management, Meritech seeks to lead
investments in companies with proven and differentiated technology,
strong market presence, accelerating revenue and seasoned management
teams. As one of the most active late-stage investors, Meritech
provides informed guidance on a number of issues that the most
promising private companies face as they continue to rapidly scale.
Representative portfolio companies include Facebook, Fortinet, NetSuite
(N), Riverbed (RVBD), Salesforce.com (CRM), and TeleAtlas, among
others. Meritech is located in Palo Alto, CA (
www.meritechcapital.com ).
Cornerstone® and Cornerstone OnDemand® are registered trademarks of
Cornerstone OnDemand Inc.
For more information, visit
www.cornerstoneondemand.co.uk
Further information
from:
Sinead Reynolds-Berti, Cornerstone OnDemand, + 33 (0) 6 28 33 55 66;
sberti@cornerstoneondemand.com
Bob Little, Bob Little
Press & PR, + 44 (0) 1727 860405;
www.boblittlepr.com
|