Cornerstone OnDemand

Founded in 1999 as CyberU, Cornerstone OnDemand provides software solutions for the entire employee lifecycle including recruiting, learning, performance management, and employee data management and insights. Besides corporations, the company supports government agencies, hospitals, non-profit organizations, and schools. The company's Unified Talent Management suite includes Cornerstone Onboarding, Cornerstone Recruiting, Cornerstone Performance, Cornerstone Learning, Cornerstone Connect, Cornerstone Succession, Cornerstone Compensation, and Cornerstone Extended Enterprise. In November 2021, the company released “Cornerstone Xplor”, a “holistic growth experience” powered by deep learning, auto-curated content delivery, and self-learning AI to deliver integrated and personalized learning, skill development, growth, and career mobility. It also introduced a new learning series—"A Seat at the Table"—besides other new content offerings.

Cornerstone offers a range of subscription options that, as of December 2020, were used by more than 42 million people in 192 countries in 43 languages.

The company has broadened its portfolio through acquisitions. In November 2018, the company acquired Grovo Learning, Inc., a provider of micro-learning content and in January 2020, Cornerstone acquired Paris-based Clustree, developer of a skills engine using machine learning to help organizations match their employees’ skills with specific job roles. In April 2020, Cornerstone acquired Saba Software, one of the earliest providers of learning and talent management solutions. In March 2022, the company acquired EdCast, a learning experience platform, allowing Cornerstone to execute its global growth strategy by integrating EdCast’s proprietary AI technology to develop experiential learning, content and skills, and talent management. Its most recent acquisition was in June 2022, when it acquired SumTotal business, a talent development suite, for USD 200 million, to strengthen its product capabilities. 

Key customers and partnerships

Cornerstone has also entered into partnerships to expand its product offering. In May 2021, the company partnered with MedBridge, a provider of professional development, compliance, and digital patient engagement solutions to healthcare organizations, to offer MedBridge’s library of compliance training to its healthcare customers. In November 2021, the company partnered with Skill Pill, a workplace learning platform, and Sponge Compliance, a online compliance learning platform, to support business performance skill-building for its users. 

Funding and financials

The company was publicly traded on the NASDAQ until August 2021, when it was acquired by private-equity firm Clearlake Capital Group for USD 5.2 billion. This investment will be used to expand existing software capabilities and accelerate company growth.

For FY2021, the company projects revenue to range from USD 851 - 859 million and for subscription revenue to range from USD 827 - 835 million. Cornerstone OnDemand reported a revenue of USD 214.3 million in Q2 FY2021 (up 16.3% YoY). Gross profit was USD 153.6 million (up 21.5% YoY) resulting in a gross margin of 71.6%. The net loss for Q2 FY2021 was USD 0.4 million (USD 0.01 diluted net loss per share)