Cornerstone OnDemand, an industry leader in learning and talent Software-as-a-Service solutions, has recently announced that it has entered into a definitive agreement to acquire EdCast, a learning experience platform (LXP) software provider, for an undisclosed amount.
Cornerstone and EdCast expect to reimagine the people growth experience to create the next generation technology blueprint for the future-ready workforce, according to a press statement. Together Cornerstone and EdCast will accelerate value for customers with innovations in experiential learning, content and skill building, and a unified and scalable talent infrastructure designed to transform learning into a connected engine of growth, agility, and mobility for people and business, the statement added.
Himanshu Palsule, CEO of Cornerstone, said,
"We are thrilled at the prospect of bringing such an incredible team of learning experts together to revolutionize the learning market. Today’s fragmented HR technology landscape is ripe for reinvention as organizations seek new ways to unify people and businesses in areas most critical to growth - workforce engagement, talent retention, skills transformation, and career mobility. Cornerstone and EdCast have the potential to deliver a next-generation learning and talent infrastructure, rapidly innovate a connected people growth experience, and create a new blueprint for the way organizations and their people grow and thrive, together."
EdCast is an award-winning platform for end-to-end employee and talent experience journeys spanning learning, skilling, and career mobility. The LXP software provider is known for its expertise and innovation in aggregating, curating, targeting, and delivering personalized and contextual learning to users. The platform is powered by a skills engine and a content marketplace, with an experience delivered in the flow of work via an AI-powered knowledge cloud. EdCast’s customers range from G2000 companies to small businesses to government organizations, and its offerings include Talent Experience Platform (TXP), Content Strategy & Solutions (CSS), Spark for SMBs, and MyGuide Digital Adoption Platform (DAP).
Karl Mehta, CEO of EdCast, said,
"The combination of Cornerstone and EdCast is poised to accelerate the pace of innovation in the market. Together we will transform the way our customers develop the skills of the future, retain and grow their people, improve agility, and unify and scale learning and talent infrastructure in lockstep with business needs."
The acquisition of EdCast is the first planned transaction by Cornerstone since joining the Clearlake portfolio in late 2021. Clearlake and Cornerstone plan to continue accelerating the company’s value through inorganic and organic growth, transformation, and market consolidation.
Prashant Mehrotra, Partner, and Paul Huber, Managing Director at Clearlake, said,
"The acquisition of EdCast underscores the fundamental growth thesis we see for Cornerstone in the market as a leading talent management SaaS platform provider. We are excited to continue building on Cornerstone’s industry reputation for providing innovative software solutions to our customers through acquisitions and organic initiatives. This acquisition represents an incredible opportunity for Cornerstone to deliver more value to our customers and their employees and combined with our O.P.S.® approach, should drive accelerated growth and value for the business."
The transaction is expected to close in the second quarter of 2022.
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, the company helps 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. Cornerstone claims to serve over 6,000 customers and 75 million users from across 180 countries and in 50 languages.