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 was founded with a passion for empowering people through learning and a conviction that people should be your organisation’s greatest competitive advantage.
Cornerstone is a global human capital management leader with a core belief that companies thrive when they help their employees to realize their potential. Putting this belief into practice, Cornerstone offers solutions to help companies strategically manage and continuously develop their talent throughout the entire employee lifecycle.
Featuring comprehensive recruiting, personalised learning, development-driven performance management, and holistic HR planning, Cornerstone’s human capital management platform is successfully used by more than 3,500 global clients of all sizes, spanning more than 42 million users across 192 countries and 43 languages.
Learn more at cornerstoneondemand.co.uk.