Going Private • Internet Software and Services

Clearlake Capital and Vector Capital Acquire Cornerstone

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

Acquisition Context
  • This is Clearlake Capital’s 14th and Vector Capital’s 11th transaction in the Internet Software and Services sector.
  • This is Clearlake Capital’s 3rd and Vector Capital’s largest (disclosed) transaction.
  • This is Clearlake Capital’s 71st and Vector Capital’s 35th transaction in the United States.
  • This is Clearlake Capital’s 12th and Vector Capital’s 12th transaction in California.

Explore All 85 Going Private Internet Software and Services Deals - Search the Database Free


M&A Deal Summary

Date August 5, 2021
Target Cornerstone
Sector Internet Software and Services
Buyer(s) Clearlake Capital
Vector Capital
Deal Type Going Private
Deal Value 5.2B USD
Advisor(s) Qatalyst Partners
Centerview Partners (Financial)
Cooley (Legal)

Target Company

Cornerstone

Santa Monica, California, United States
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.
Explore More Deals

Browse All 215,156 Deals

FILTER BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Search Free

Buyers Overview 2

Buyer

Clearlake Capital

Santa Monica, California, United States

Category Private Equity Firm
Founded 2006
PE ASSETS 90.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

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


Deal Context for Buyer #
Overall 74 of 93
Sector: Internet Software and Services 14 of 14
Type: Going Private 5 of 8
State: California 12 of 16
Country: United States 71 of 88
Year: 2021 7 of 10
Size (of disclosed) 3 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-28 Springs Window Fashions

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 MRP Solutions

Plattsburgh, New York, United States

MRP Solutions designs and manufactures rigid plastic packaging components used by millions of consumers in a diverse set of end-markets, with a primary focus on the health and wellness verticals. The Company has a library of 900+ tools used to support a product offering of 10,000+ SKUs and the ability to create a meaningfully higher count of variations. MRP Solutions is based in Plattsburgh, New York.

Buy -
Buyer

Vector Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 4.0B USD
Size Large
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 Context for Buyer #
Overall 43 of 52
Sector: Internet Software and Services 11 of 14
Type: Going Private 15 of 16
State: California 12 of 16
Country: United States 35 of 43
Year: 2021 2 of 4
Size (of disclosed) 1 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-15 McGraw Hill Education

New York City, New York, United States

McGraw Hill Education is a provider of 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, New York.

Buy $4.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-21 Cheetah Digital

Chicago, Illinois, United States

Cheetah Digital is an enterprise cross-channel marketing software company. Cheetah Digital Marketing Suite combines superior data management capabilities and cross-channel execution with in-house professional services expertise and dedicated support to help brands execute complex marketing programs at scale and achieve profitable brand outcomes. Cheetah Digital was founded in 1998 and is based in Chicago, Illinois.

Sell -