2009-6-10 Industrys Largest Reseller Deal with ADP and Added VC Funding Fuel Cornerstone OnDemand’s Substantial Growth in 2009
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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.

 

 

 

  • 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.

 

 

 
 

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 16 languages and supported by global, 24x7 customer care, Cornerstone is used by more than 2.5 million active subscribers in 141 countries.  The company is headquartered in Santa Monica, California and has international offices in London, Paris, Munich and Tel Aviv.  

 

Cornerstone® and Cornerstone OnDemand® are registered trademarks of Cornerstone OnDemand Inc. 

 

Press Contact:
Michelle Haworth
Cornerstone OnDemand, Inc.
P: +1 (310) 752-0178
mhaworth@cornerstoneondemand.com

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