Cornerstone OnDemand acquires Sonar
Apr 10, 2012 (Datamonitor Financial Deals Tracker via COMTEX) --
Cornerstone OnDemand, Inc., a US-based provider of learning and talent management solution delivered as software-as-a-service (SaaS), has acquired Sonar Limited, a New Zealand -based provider of online performance management and succession planning solutions.
Announcement (March 8, 2012):
Cornerstone has entered into an agreement to acquire Sonar, for approximately $14 million.
Under the terms of the agreement, Cornerstone will pay approximately $13 million in cash and $1 million in equity for Sonar.
Following the acquisition, Sonar will be rebranded as a Cornerstone OnDemand solution specifically for small businesses.
The transaction is expected to close in April 2012.
Deal Value (US$ Million) 14
Deal Type Acquisition
Sub-Category Majority Acquisition
Deal Status Completed: 2012-04-09
Target (Company) Sonar Limited (New Zealand)
Acquirer (Company) Cornerstone OnDemand, Inc.
The acquisition will allow Cornerstone to strengthen its ability to serve clients of all sizes and will accelerate its momentum in the small business (SMB) market.
The acquisition will also enable Cornerstone to expand its global market opportunity and brings more than 375 clients to Cornerstone and expands its presence in the Asia Pacific region.
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