Cornerstone OnDemand, Inc. backed by Clearlake Capital Group has completed its acquisition of SumTotal, a provider of learning and human capital management software-as-a-service solutions, previously a part of Skillsoft.
The combination of Cornerstone and SumTotal provides organisations with more power to build and strengthen their learning and talent management programmes and drive greater people growth and business success.
“We started this journey as a learning company obsessed with helping customers and their people achieve the extraordinary, and over 20 years we’ve expanded that vision and created a movement,” said Himanshu Palsule, CEO, Cornerstone. “We’ve been joined by experts from organisations like Saba, EdCast, Grovo and Clustree, who share our passion for people growth, and our commitment to HR and learning leaders. We’re delighted to welcome the SumTotal team and customers to join this remarkable community that is transforming the learning and talent landscape.”
Jim Gill, EVP Americas at Cornerstone will serve as the General Manager of Cornerstone’s SumTotal business unit. A seasoned Cornerstone executive, Mr. Gill previously led teams at both SumTotal and Saba, and brings a wealth of knowledge in highly regulated and complex industries in which SumTotal operates.
“This has been an incredibly important year for Cornerstone, and its acquisition of SumTotal underscores our commitment to the fundamental growth strategy we set out for the company a year ago,” said Prashant Mehrotra, Partner, and Paul Huber, Managing Director, at Clearlake. “We are thrilled to see the growing strength of Cornerstone’s industry reputation with a focus on broader choice, greater innovation and a hyper-focus on customer success. The acquisition of SumTotal is yet another opportunity for Cornerstone to deliver more value to its customers and employees. Combined with our O.P.S.® improvement approach, we are confident this acquisition will drive growth and value for the business.”
Centerview Partners LLC served as financial advisor to Cornerstone and Clearlake, and Sidley Austin LLP served as legal counsel. PJT Partners served as the exclusive financial advisor to Skillsoft, and Weil, Gotshal & Manges LLP served as the Company’s legal counsel.