Cornerstone OnDemand acquired by Clearlake Capital
Clearlake Capital Group, a US-based private investment firm focusing on technology, industrials, and consumer, announced last Friday that it has completed its acquisition of Cornerstone OnDemand in a US$5.2 billion transaction (US$57.50 per share, in cash). CSOD has been delisted and is now fully privately owned.
The acquisition was originally announced in August, and was approved by CSOD's shareholders on 12 October - it took just a week to complete the deal once the approval was passed.
According to the announcement, the acquisition will give CSOD full access to Clearlake's "proven software investment experience and operational improvement approach", which will "strengthen and accelerate the company’s next phase of growth and innovation".
Clearlake bills itself as having a strong focus on developing long-term strategic partnerships with the management of its portfolio companies. Its primary sectors are technology, industrials, and consumer, and prior to acquiring CSOD, its portfolio included nearly 40 software and technology companies including OnShift, RSA, SecureID, and Vision Solutions among others. In total, Clearlake currently has approximately $43 billion of assets under management,
According to the firm's website, its investment team has approximately 200 years of collective experience with a focus on complex situations in small and medium-sized companies, and its senior investment principals have led or co-led over 300 investments.