Talent Management

Clearlake Capital Completes Acquisition of Cornerstone OnDemand

Clearlake Capital Group, L.P. (together with its affiliates "Clearlake") announced that it has completed its acquisition of Cornerstone OnDemand, Inc. (NASDAQ: CSOD, "Cornerstone OnDemand", or "Cornerstone"), a global leader in talent management software. The acquisition was previously announced on August 5, 2021, and was approved by Cornerstone OnDemand shareholders on October 12, 2021. Under the terms of the agreement, Clearlake has acquired the outstanding shares of Cornerstone common stock for $57.50 per share in cash. As a result of the transaction, Cornerstone is now a privately held company and shares of Cornerstone common stock are no longer listed on the public market.

The acquisition combines Cornerstone's product and industry leadership with Clearlake's proven software investment experience and operational improvement approach, O.P.S.®, to strengthen and accelerate the company's next phase of growth and innovation.

"Clearlake's investment in Cornerstone is an exciting and important step for our company and our customers, Clearlake has shown immense confidence in our talented team and the direction we are headed. With their financial sponsorship to invest behind growth, we will have even greater opportunity to accelerate innovation and advance our customers' efforts to ensure their organizations – and people – are future-ready."

- Phil Saunders, CEO, Cornerstone.

"Cornerstone has done a tremendous job providing best-in-class software solutions to a large base of global customers, We are thrilled to partner with the company's talented employees and believe that Cornerstone is well positioned to continue building on its strong leadership position for talent management SaaS solutions, both organically and through accelerated add-on acquisition activity."

- Behdad Eghbali, Co-Founder and Managing Partner, and Prashant Mehrotra, Partner, of Clearlake.

Advisors
Qatalyst Partners and Centerview Partners LLC served as financial advisors to Cornerstone, and Cooley LLP served as legal counsel. Morgan Stanley, Rothschild & Co., J.P. Morgan, Goldman Sachs, BoA Securities, Barclays, Jefferies and William Blair served as financial advisors to Clearlake.  Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Clearlake in the connection with the acquisition and debt financing. J.P. Morgan, BoA Securities, Ares, Golub, Antares, Barclays, Blue Owl, BMO Capital Markets, BNP Paribas, Credit Suisse, Goldman Sachs and Jefferies provided debt financing for the transaction.

About Cornerstone
Cornerstone powers the future-ready workforce with adaptive HR software designed to unite people, teams, technology and business to 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 their 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 their business. Cornerstone serves over 6,000 customers and 75M users and is available in 180 countries and 50 languages.

About Clearlake
Founded in 2006, Clearlake Capital Group, L.P. is an investment firm, operating integrated businesses across private equity, credit, and other related strategies. With a sector-focused approach, the firm seeks to partner with world class management teams by providing patient, long term capital to dynamic businesses that can benefit from Clearlake's operational improvement approach, O.P.S.® The firm's core target sectors are technology, industrials, and consumer. Clearlake currently has over $50 billion of assets under management, and its senior investment principals have led or co-led over 300 investments. The firm has offices in Santa Monica and Dallas.

Spotlight

You are not the leader of an administrative function focused on overseeing workforce activities, L&D, and recruiting. You are far more than that. You are a strategic advisor to the business, and your role, whether the C-suite fully understands it or not, is to help your organization transform to reach and even exceed audacious b


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HR Practice

Pipefy Launches AI-Powered HR Automation Solution to Improve the Employee Experience

Pipefy | January 15, 2024

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Recruitment & Retention

Retirement Expectations Evolve as Workforce Ages According to Principal® Survey

Principal Financial Group® | January 16, 2024

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In order to be included in the survey sample, employees must work full-time, and their employer has to offer either health insurance or retirement as an employee benefit. Businesses with 2-499 employees Businesses with 500-10,000 employees About the Principal Financial Well-Being IndexSM The Principal Financial Well-Being IndexSM surveys business owners, decision makers and business leaders aged 21 and over who work at companies with 2-10,000 employees and offer either health insurance or retirement as an employee benefit. The nation-wide survey, commissioned since 2012, examines the financial well-being of American workers and business employers. In 2020, the Well-Being Index was transformed from an annual survey to a regular pulse, offering three waves, revisiting questions and measuring sentiment regarding timely issues in the small and midsized business marketplace. In the first pulse of the Well-Being Index in 2022, the employee audience was added to the survey to compare and contrast key sentiment from employers. The survey was commissioned by Principal® and conducted online by Dynata from November 6-13, 2023, with a total of 500 business owners, decision makers and business leader participants and a total of 200 employee participants. This wave included a survey of 127 individuals who consider themselves retired or have previously fully retired and gone back to work. The research report focuses on providing a holistic perspective on key trends and timely issues in the small and medium business market. About Principal Financial Group® Principal Financial Group® is a global financial company with 19,500 employees1 passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 61 million customers1 plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal® is proud to be recognized as one of the 2023 World’s Most Ethical Companies® by Ethisphere2, a member of the Bloomberg Gender Equality Index, and a “Best Places to Work in Money Management3.”

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Payroll

Novo Announces Novo Payroll for Small Businesses, Powered by Check

Check | January 25, 2024

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HR Practice

Modern HR Software Solutions Introduce New Features to Enhance Workplace Efficiency in 2024

Factorial | February 05, 2024

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Spotlight

You are not the leader of an administrative function focused on overseeing workforce activities, L&D, and recruiting. You are far more than that. You are a strategic advisor to the business, and your role, whether the C-suite fully understands it or not, is to help your organization transform to reach and even exceed audacious b

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