Cornerstone OnDemand, Inc. (NASDAQ:CSOD), a Santa Monica, CA-based provider of people development solutions, is to acquire Saba, a provider of talent experience solutions and a portfolio company of Vector Capital.
The cash and stock transaction is valued at approximately $1.395 billion. The deal is subject to the satisfaction of certain customary closing conditions and regulatory review, and it is expected to close in the second quarter of 2020.
With the addition of Saba, Cornerstone will have an expanded reach. The combined company will have more than 75 million users and serve approximately 7,000 organizations, of all sizes, around the globe. Over the course of 2020, Cornerstone plans to integrate and optimize the collective portfolio of products.
Led by Phil Saunders, CEO, Saba provides a cloud-based talent platform which combines science with intelligent personalization to deliver a personalized talent experience for every individual, while delivering actionable insight. Its solutions for recruiting and onboarding, learning and development, and performance and engagement help organizations around the world attract candidates, develop skills, elevate retention and engagement, and create authentic cultures.
Led by Adam Miller, CEO and founder, Cornerstone is a people development company which offers organizations comprehensive recruiting, personalized learning, modern content solutions delivered in the flow of work, development-driven performance management and holistic workforce data management and insights. Its people development solutions are used by more than 3,600 global clients of all sizes, spanning more than 40 million users across 187 countries and 43 languages.