Clearlake Capital to take Cornerstone OnDemand private for $3.8 billion
(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.
Cornerstone shareholders will get $57.50 per share in cash, a premium of over 15% to the stock’s last close.
Cloud 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.
Qatalyst Partners and Centerview Partners LLC served as financial advisers to Cornerstone, while Morgan Stanley, Rothschild & Co, J.P. Morgan, Goldman Sachs, BofA Securities, Barclays, Jefferies and William Blair advised Clearlake.
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