Cornerstone OnDemand, a cloud-based HR software firm backed by Clearlake Capital Group, has acquired SumTotal, a learning software firm and a Skillsoft company.
The combined firm will deliver a portfolio of learning services with greater financial resources.
“Today is an exciting day for our teams, our customers, and our industry,” said Himanshu Palsule, CEO of Cornerstone. “With Cornerstone’s broad portfolio and agnostic approach to innovation, we expect to offer SumTotal customers even more options for extensibility and growth. Together, we will continue our mission in helping organizations and their people to develop future-proof skills, flexibly grow their careers, and achieve shared success.”
Centerview Partners LLC is serving as financial advisor to Cornerstone and Clearlake, and Sidley Austin LLP is acting as legal counsel. PJT Partners served as financial advisor to Skillsoft, and Weil, Gotshal & Manges LLP served as the Company’s legal counsel.