On-Demand Leader Redefines the Talent Management Landscape
Santa Monica, CA – September 17, 2007 – Cornerstone OnDemand, Inc., the only proven provider of on-demand, integrated talent management software and services, today announced the completion of $32 million in new financing. The profitable company will use the funding to speed growth and expand internationally.
Cornerstone provides many of the world’s largest multinationals with solutions to optimize workforce productivity and increase employee engagement. The Cornerstone OnDemand talent management suite includes tools for automating learning, performance, succession, and compliance management.
According to Adam Miller, President and CEO of Cornerstone, the capital will be used to substantially increase sales coverage, expand international operations, build global alliances, and accelerate on-going product development and marketing initiatives. The round was led by Bessemer Venture Partners and Bay Partners. Byron Deeter, a partner with Bessemer Venture Partners, and Neil Sadaranganey, a partner at Bay, will join Cornerstone’s Board of Directors.
“The time was right for us. The combination of rapidly growing demand for integrated talent management solutions, accelerating global adoption of on-demand software, an industry-leading retention rate, and a strong win rate by our sales team meant that now was the time to go big,” said Miller. “We had built the Company to profitability by focusing on client success. With the addition of significant capital reserves, we are now poised for dramatic growth.”
“We were impressed by the Company’s success, given the capital constraints under which they’ve been operating,” said Byron Deeter. “We anticipate even more rapid growth now that Adam and his talented team have the resources they need.”
“We are very bullish about on-demand software and the talent management space. Cornerstone is a leader in both,” said Atul Kapadia, Managing General Partner at Bay. “Cornerstone already has top marks in client retention and satisfaction, as well as a state-of-the-art solution. With this capital, they will be able to expand quickly into new markets and leverage a new network of partnerships for growth.”
Cornerstone’s client acquisition continues to accelerate as the Company expands into new markets. The Company is recruiting in sales, marketing and product development; for more information, visit http://www.cornerstoneondemand.com/careers.
About Cornerstone OnDemand, Inc.
Cornerstone OnDemand helps organizations to empower their people and optimize workforce productivity with a comprehensive suite of integrated talent management solutions for learning, compliance, performance, succession and compensation management, as well as robust reporting and analytics. Cornerstone also provides over 30,000 pre-integrated training titles. The Company’s multi-tenant, multi-user software as a service (SaaS) architecture provides customers with rapid deployments, minimal IT costs, flexibility, reliability and a lower total cost of ownership. Cornerstone’s triple-digit growth has been supported by a market-leading customer retention rate. Marquee organizations such as Aon, Barnes & Noble, DIRECTV, Honda, Pitney Bowes and Smith Barney count on Cornerstone to help them achieve organizational excellence and competitive advantage. For more information, please visit www.cornerstoneondemand.com.
About Bessemer Venture Partners
Bessemer Venture Partners is a global investment group with offices in Silicon Valley, Boston, New York, Mumbai and Shanghai. As the oldest venture capital practice in the United States, Bessemer has partnered as an active, hands-on investor in Ciena, Ingersoll Rand, Parametric, Skype, Staples, VeriSign and W.R. Grace and over 100 other companies that have gone public. For more information, please visit www.bvp.com.
About Bay Partners
Bay Partners, LLC is a leading venture capital firm located in Silicon Valley. The firm has been building successful technology companies since 1976, funding over 300 startups. Bay leverages the operating background of its partners and its extensive network of executives and advisors to help outstanding entrepreneurs create the leaders in new high-growth market segments. Notable successes from Bay's portfolio include Brocade, Concord Communications, Digital Island, Exodus, Sonicwall, Placeware, Informatica, Web Logic (BEA) and NetScaler. Bay has over $1 billion under management. For more information, please visit www.baypartners.com.
Cornerstone OnDemand, Inc.