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.
Cornerstone powers the future ready workforce, with HR software and solutions designed to unite people, teams, technology and business, and inspire a work environment of growth, agility and success for all. With an AI-powered and skills-forward system designed for the contemporary workforce, we help organizations modernize the learning and development experience, deliver the most relevant content from anywhere, accelerate talent and career mobility, and establish skills as the universal language of growth and success across the business. Cornerstone serves over 6,000 customers and 75M users and is available in 180 countries and 50 languages. https://www.cornerstoneondemand.com/