Industry’s Largest Reseller Deal with ADP & Added VC Funding Fuel Cornerstone OnDemand’s Substantial Growth in 2009
Cornerstone achieves its best first quarter results in company history, including an 185 percent surge in new client bookings and triple-digit active subscriber growth
Santa Monica, Calif., June 10, 2009 – Cornerstone OnDemand Inc., a leader in on-demand learning and talent management software and services, today announced the company achieved its best first quarter results in Cornerstone’s history. The company had record new client bookings in Q1 2009 (ending March 31) – up 185 percent from the previous year – with first quarter billings up by 31 percent. Its active subscriber base also grew substantially, surging to 2.5 million users in March – a 250 percent jump from 2008.
“The first half of 2009 has been game-changing for the company, if not the entire talent management software industry,” said Adam Miller, President and CEO of Cornerstone OnDemand Inc. “Cornerstone’s phenomenal growth, industry-leading client retention and continued product innovation are propelling the company into the market leader position, far exceeding the performances of our competitors. Signing the industry’s largest reseller deal with ADP further validates Cornerstone as the top talent management software choice for organizations worldwide.”
Cornerstone has taken key steps in recent months to further fuel its considerable growth. The company significantly expanded its global reach via a new relationship with leading HR, payroll and benefits services provider ADP® Employer Services. ADP, which has more than 550,000 clients worldwide, will leverage Cornerstone’s software suite to optimize its own employer talent management offerings. Cornerstone also secured a new $12.7 million round of financing led by Meritech Capital Partners, allowing the company to pursue new market opportunities and further enhance its service offerings. And, in an effort to capture more mid-market business, the company launched Cornerstone Business Edition, a new Software-as-a-Service (SaaS)-based talent management suite built specifically to meet the needs of organizations with up to 1,500 employees.
Other recent company highlights include:
- New Client Wins: Since the start of the year, Cornerstone has secured 27 new clients, representing more than 500,000 additional users. A mix of mid-size and large, global organizations in a wide variety of industries, the new signings include premier companies such as a leading insurance, benefits and financial services provider; a top global interactive entertainment and video gaming company; and a leading audio technology firm. The company also added the nation’s largest drugstore chain (with 250,000 subscribers) to its roster – making it the eighth Cornerstone client with more than 100,000 users.
- Global Capabilities: Earlier this year, Kelly Services announced it is deploying Cornerstone’s integrated talent management suite to 659,000 users worldwide, in what is the world’s largest global SaaS implementation to date. Cornerstone also continues to expand its presence in EMEA, securing new clients such as Booz & Company, Contour Housing, Manchester Airport Group and Turkcell in the UK, France, Germany, Turkey, Austria and Switzerland.
- Empowering Communities: In Q1, Cornerstone welcomed three new strategic partners to the Cornerstone OnDemand Foundation, which leverages the company’s expertise in workforce development, education and software deployment, as well as other organizational assets, for philanthropic and community benefit. New partners include Teach for America, Oxfam America and Save the Children.
- Awards: In April, Adam Miller was named the 2009 CEO of the Year by the Technology Council of Southern California. The award recognizes the leader of a Southern California-based technology company that has best-in-class performance in areas such as profitability, team building and product innovation.
- Corporate Partners: Cornerstone continues to expand its global partner channel, forming new alliances with service and distribution firms such as Cox eLearning Consultants, Genpact, TriNet and XnX.
- Client & Partner Conference: Last month, Cornerstone hosted more than 150 attendees at its annual Convergence 2009 Client & Partner Conference in Santa Monica, Calif. The event brought together valued clients and partners with top thought leaders and industry analysts from firms such as IDC, Bersin & Associates, Knowledge Infusion and Forrester, providing a rich, interactive forum for addressing today’s most challenging human capital management issues.
Cornerstone is a premier people development company. We believe people can achieve anything when they have the right development and growth opportunities. We offer organizations the technology, content, expertise and specialized focus to help them realize the potential of their people. Featuring comprehensive recruiting, personalized learning, modern training content, development-driven performance management and holistic employee data management and insights, Cornerstone’s people development solutions are used by approximately 6,300 clients of all sizes, spanning more than 75 million users across over 180 countries and nearly 50 languages. Learn more at www.cornerstoneondemand.com.