Sidley Austin advised private equity firm Clearlake Capital Group on its acquisition of a fellow Santa Monica, Calif.-based company, the talent-management software provider Cornerstone OnDemand.
Cooley is advising Cornerstone on the transaction, which calls for Clearlake to acquire outstanding shares of Cornerstone for $57.50 per share and has an enterprise value of around $5.2 billion.
Upon completion, expected in 2021’s second half, Cornerstone will become a private company, according to a statement. Paul Hastings said it’s advising San Francisco-based private equity firm Vector Capital, which is making a minority investment in Cornerstone.
Cornerstone said Clearlake’s investment will help it pursue new capabilities for its software, which is available in 180 countries and 50 languages and serves over 6,000 customers and 75 million users.
Behdad Eghbali, Clearlake co-founder and managing partner, said Cornerstone is a leading provider of software as a service solutions to help customers modernize their employees’ learning and development experience.
“We believe there is a significant opportunity to strategically position Cornerstone in the market as a leading platform and industry consolidator,” said Eghbali.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
To contact the editor on this story: Chris Opfer in New York at copfer@bloomberglaw.com John Hughes in Washington at jhughes@bloombergindustry.com Rebekah Mintzer in New York at rmintzer@bloomberglaw.com
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