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OFFON

CORNERSTONE ONDEMAND, INC.

(CSOD)
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Clearlake Capital to take Cornerstone OnDemand private for $3.8 bln

08/05/2021 | 04:51pm EDT

Aug 5 (Reuters) - Cornerstone OnDemand Inc said on Thursday private equity firm Clearlake Capital Group LP would take the cloud computing and management software provider private for about $3.8 billion, the latest in a series of tech take-private deals this year.

Cornerstone shareholders will get $57.50 per share in cash, a 15% premium over the stock's last close.

Enterprise software companies have seen a surge in demand since last year as more businesses use their services to meet demands of the switch to pandemic-induced work from home.

Cornerstone, which helps companies to recruit, train, and manage their employees, counts Walgreens and Starwood Hotels & Resorts as its customers.

The deal, which is expected to close in the second half of this year, has an enterprise value of about $5.2 billion, representing a 5.9 times multiple on the next 12-month revenue.

The company also reported second-quarter earnings on Thursday, recording $214.3 million in revenue, with 97% of it coming from subscriptions, and representing a 16.3% year-over-year increase.

Cornerstone OnDemand plans to accelerate its growth through investment in products as well as consolidating other human resource software companies, according to a source familiar with its plan.

The deal came after the company hired Qatalyst and Centerview to explore strategic options. Morgan Stanley, Rothschild & Co, J.P. Morgan, Goldman Sachs, BofA Securities, Barclays, Jefferies and William Blair advised Clearlake. (Reporting by Akanksha Rana in Bengaluru and Krystal Hu in New York; Editing by Maju Samuel and Steve Orlofsky)


ę Reuters 2021
Stocks mentioned in the article
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BARCLAYS PLC -4.05% 175.3 Delayed Quote.24.57%
CORNERSTONE ONDEMAND, INC. -0.12% 57.15 Delayed Quote.29.77%
MORGAN STANLEY -0.70% 101.75 Delayed Quote.48.48%
ROTHSCHILD & CO 0.71% 35.6 Real-time Quote.36.49%
WALGREENS BOOTS ALLIANCE, INC. -0.64% 49.62 Delayed Quote.24.42%
WISDOMTREE CLOUD COMPUTING UCITS ETF - ACC - USD -1.97% 58.85 Delayed Quote.13.23%
All news about CORNERSTONE ONDEMAND, INC.
09/17SHAREHOLDER ALERT : Monteverde & Associates PC Announces an Investigation of Cor..
PR
09/07INSIDER SELL : Cornerstone Ondemand
MT
08/18INSIDER TRENDS : 90-Day Insider Buying Trend at Cornerstone OnDemand Slowed with..
MT
08/18CORNERSTONE ONDEMAND : Focus on Accelerating Innovation Gains Industry Attention
BU
08/11CORNERSTONE ONDEMAND : CSOD) sees Significant Insider Sales Extending the Trend ..
MT
08/10INSIDER TRENDS : Cornerstone OnDemand Insider Sale Scales Back 90-Days of Buys
MT
08/10INSIDER TRENDS : Cornerstone OnDemand Insider Disposition Interrupting 90-Day Bu..
MT
08/09CORNERSTONE ONDEMAND : Mizuho Adjusts Price Target on Cornerstone OnDemand to $5..
MT
08/09CORNERSTONE ONDEMAND : Berenberg Bank Downgrades Cornerstone OnDemand to Hold Fr..
MT
08/06CORNERSTONE ONDEMAND INVESTOR ALERT : Kahn Swick & Foti, LLC Investigates Adequ..
BU
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Analyst Recommendations on CORNERSTONE ONDEMAND, INC.
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Financials (USD)
Sales 2021 862 M - -
Net income 2021 -22,2 M - -
Net Debt 2021 850 M - -
P/E ratio 2021 -100x
Yield 2021 -
Capitalization 3 815 M 3 815 M -
EV / Sales 2021 5,41x
EV / Sales 2022 4,77x
Nbr of Employees 2 900
Free-Float 94,9%
Chart CORNERSTONE ONDEMAND, INC.
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Cornerstone OnDemand, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends CORNERSTONE ONDEMAND, INC.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 5
Last Close Price 57,15 $
Average target price 63,88 $
Spread / Average Target 11,8%
EPS Revisions
Managers and Directors
Philip Seth Saunders Chief Executive Officer & Director
Chirag Shah Chief Financial Officer
Adam L. Miller Co-Chairman
Richard M. Haddrill Co-Chairman
Mark Goldin Chief Technology Officer
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