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.
Cornerstone will continue to advance its products, technologies, and services with an unwavering commitment to customer success, and the most flexible options to support the skills transformation, people experience and talent management priorities of an expanded global customer base.
Deal details at a glance
- The transaction is expected to close in the second half of 2022, subject to regulatory approvals and other customary closing conditions.
- Centerview Partners LLC is serving as financial advisor to Cornerstone and Clearlake, and Sidley Austin LLP is serving as legal counsel.
- PJT Partners served as the exclusive financial advisor to Skillsoft, and Weil, Gotshal & Manges LLP served as the Company’s legal counsel.
Read more: Business Wire
