Cornerstone OnDemand Goes Private In $5.2 Billion Deal With Clearlake Capital

Santa Monica-based private equity investor Clearlake Capital Group says it has completed its acquisition of Los Angeles-based Cornerstone OnDemand, the provider of talent management software, in a deal which was worth $5.2 billion. According to Clearlake, it has acquired the outstanding shares of Cornerstone common stock for $57.50 per share in cash. As a result of the go-private deal, Cornerstone OnDemand no longer trades on the NASDAQ, where it had been listed as CSOD. Cornerstone's current CEO is Phil Saunders. Cornerstone OnDemand had been public since 2011, when it had its IPO. According to the companies, Cornerstone was advised by Qatalyst Partners and Centerview Partners LLC in the deal, with Cooley LLP serving as legal counsel.