Cornerstone OnDemand Raises $32 Million

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<p><strong>Santa Monica, Calif. &mdash; Sept. 20</strong><br />Cornerstone OnDemand Inc. , a provider of on-demand, integrated talent management software and services, has completed $32 million in new financing, which it will use the funding to speed growth and expand internationally.<br /><br />Cornerstone provides many of the world&rsquo;s largest multinationals with solutions to optimize workforce productivity and increase employee engagement. <br /><br />The Cornerstone OnDemand talent management suite includes tools for automating learning, performance, succession and compliance management.<br /><br />President and CEO Adam Miller said the capital will be used to substantially increase sales coverage, expand international operations, build global alliances and accelerate ongoing product development and marketing initiatives. <br /><br />The round was led by Bessemer Venture Partners and Bay Partners. Byron Deeter, a partner with Bessemer Venture Partners, and Neil Sadaranganey, a partner at Bay, will join Cornerstone&rsquo;s board of directors.<br /><br />&ldquo;The time was right for us,” Miller said. “The combination of rapidly growing demand for integrated talent management solutions, accelerating global adoption of on-demand software, an industry-leading retention rate and a strong win rate by our sales team meant that now was the time to go big.<br /><br />&ldquo;We had built the company to profitability by focusing on client success. With the addition of significant capital reserves, we are now poised for dramatic growth.&rdquo;<br /><br />Deeter agreed.<br /> <br />&ldquo;We were impressed by the company&rsquo;s success, given the capital constraints under which they&rsquo;ve been operating,&rdquo; Deeter said. &ldquo;We anticipate even more rapid growth now that Adam and his talented team have the resources they need.&rdquo;<br /><br />Atul Kapadia, Bay managing general partner, also agreed.  </p><p>We are very bullish about on-demand software and the talent management space,” Kapadia said. “Cornerstone is a leader in both. Cornerstone already has top marks in client retention and satisfaction, as well as a state-of-the-art solution. With this capital, they will be able to expand quickly into new markets and leverage a new network of partnerships for growth.&rdquo;</p>

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