M&A Deal Summary

Vector Capital and Clearlake Capital Group Acquires Cornerstone OnDemand

On August 5, 2021, private equity firms Vector Capital and Clearlake Capital Group acquired internet software and services company Cornerstone OnDemand, Inc. for 5.2B USD

Acquisition Highlights
  • This is Vector Capital’s 10th and Clearlake Capital Group’s 12th transaction in the Internet Software and Services sector.
  • This is Vector Capital’s 1st and Clearlake Capital Group’s 2nd largest (disclosed) transaction.
  • This is Vector Capital’s 35th and Clearlake Capital Group’s 68th transaction in the United States.
  • This is Vector Capital’s 13th and Clearlake Capital Group’s 10th transaction in California.

M&A Deal Summary

Date 2021-08-05
Target Cornerstone OnDemand, Inc.
Sector Internet Software and Services
Buyer(s) Vector Capital
Clearlake Capital Group
Deal Type Going Private
Deal Value 5.2B USD
Advisor(s) Qatalyst Partners LP
Centerview Partners LLC (Financial)
Cooley LLP (Legal)

Target

Cornerstone OnDemand, Inc.

Santa Monica, California, United States
website
Cornerstone is a provider of cloud based comprehensive learning and talent management software solutions. Cornerstone was formed in 1999 and is based in Santa Monica, California.

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Buyer(S) 2

Buyer

Vector Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 4.0B USD
SizeLarge
Type Sector Focused
DESCRIPTION

Vector Capital is a private equity firm specializing in spinouts, buyouts and recapitalizations of established technology businesses. Vector targets both public and private company investments. Prospective businesses typically have strong customer bases, high gross margins, and at least $30 million in sales. Vector Capital was formed in 1997, after spinning out from Ziff Brothers Investments. The Firm is based in San Francisco, California.


DEAL STATS #
Overall 43 of 43
Sector (Internet Software and Services) 10 of 10
Type (Going Private) 15 of 15
State (California) 13 of 13
Country (United States) 35 of 35
Year (2021) 2 of 2
Size (of disclosed) 1 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-15 McGraw-Hill Education, Inc.

New York, New York, United States

McGraw Hill Education is a provider of high-quality educational material and learning solutions for students, instructors, and institutions around the world. McGraw Hill Education was founded in 1888 and is based in New York City.

Buy $4.5B
Buyer

Clearlake Capital Group

Santa Monica, California, United States

website


Category Private Equity Firm
Founded 2006
PE ASSETS 25.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Clearlake Capital Group is a private equity firm focuses on corporate divestitures, recapitalizations, buyouts, restructurings, rescue financing, growth capital, turnarounds and other equity investments. Clearlake’s seeks to partner with strong management teams by providing long-term capital and operational expertise. Areas of interest include business services, communication, media, energy and power, healthcare, manufacturing, retail, consumer and technology services. Clearlake Capital Group was formed in 2006 and is based in Santa Monica, California.


DEAL STATS #
Overall 70 of 72
Sector (Internet Software and Services) 12 of 12
Type (Going Private) 5 of 5
State (California) 10 of 10
Country (United States) 68 of 70
Year (2021) 7 of 9
Size (of disclosed) 2 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-28 Springs Window Fashions LLC

Middleton, Wisconsin, United States

Springs Window Fashions is a manufacturer and marketer of custom and stock window coverings and drapery hardware to retail and commercial customers, as well as independent designers, franchisors, and decorators. Springs Window Fashions was founded in 1939 and is based in Middleton, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-14 Mold-Rite Plastics, Inc.

Plattsburgh, New York, United States

Mold-Rite Plastics is a manufacturer of plastic caps, child-resistant closures, vials, and jars primarily serving the pharmaceutical, nutraceutical and personal care markets. Mold-Rite Plastics is based in Plattsburgh, New York.

Buy -