Thursday, November 9, 2017

Cornerstone OnDemand Raises $300M From Silver Lake

Santa Monica-based enterprise software developer Cornerstone OnDemand has raised $300M in a strategic investment from private equity investor Silver Lake, according to the company. Cornerstone OnDemand said the capital injection will go towards funding growth initiatives, and to manage its capital structure, including repaying existing convertible debt and repurchasing common shares. In conjunction with the investment, publicly held Cornerstone OnDemand said it will launch a $100M share repurchase program. Cornerstone said the investment came after a "review of strategic alternatives", including both solicited and unsolicited interest in the company. Joe Osnoss of Silver Lake joins Cornerstone's board with the funding, and Silver Lake will also appoint another member of the board at a later date. Cornerstone OnDemand is a developer of human capital and talent management software.

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