Clearlake Capital-Backed Cornerstone Enters Definitive Agreement to Acquire SumTotal, a Skillsoft Company
Summary
SANTA MONICA, Calif.--(BUSINESS WIRE)--Cornerstone OnDemand, Inc., a leader in adaptive cloud-based HR software solutions, backed by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”), today announced it has entered into a definitive agreement with Skillsoft (NYSE: SKIL), to acquire SumTotal, a provider of learning and human capital management software-as-a-service (“SaaS”) for customers in highly regulated and complex industries. The combined company will be positioned to deliver a differentiated, expanded portfolio of learning, talent, and people growth solutions with broader vertical expertise, greater financial resources, and a shared vision for the future of work. Cornerstone powers the future-ready workforce with adaptive HR solutions designed to unite technology, data and content and inspire a work environment of growth, agility and success for all. With an AI-powered, skills-forward, experiential system designed for the contemporary workforce, we help organizations modernize their learning and development experience, deliver the most relevant content from anywhere, accelerate talent and career mobility and establish skills as the universal language of growth and success across their business. Through a portfolio of best-in-class content, a platform that is personalized and connected to customer needs, world-class tech and a broad ecosystem of partners, Skillsoft drives continuous growth and performance for employees and their organizations by overcoming critical skill gaps and unlocking human potential.