Despite economy, Cornerstone achieves record-level success in first half of 2009, announces strategic investments across the company to ready growth into 2010.
Santa Monica, Calif., August 26, 2009 – Cornerstone OnDemand Inc., a leading provider of on-demand learning and talent management software and services, today announced that despite the current economic climate, the company has performed at record levels for the third straight quarter. New client bookings for the first half of 2009 were up by more than 100 percent from the previous year, led by the addition of more than 742,000 new users. Named among the top 100 fastest-growing private software companies in the U.S. by Inc. magazine, Cornerstone also recently announced plans for investing in the company’s continued growth.
“Momentum is in Cornerstone’s favor,” said Adam Miller, President and CEO of Cornerstone OnDemand. “Now is the time for us to step on the gas, advance the company’s strong competitive position, and ready the company for massive growth into 2010. This includes investing in the success of our clients, in the quality and innovation of our software, in direct and indirect sales distribution, and in the development and success of Cornerstone’s valued team members.”
Cornerstone is broadening the scope of its alliances operations in an effort to scale existing partner initiatives, expand the company’s referral network and improve partner enablement. To lead these efforts, the company has promoted former Senior Director of Strategy and Research, David Somers, to Vice President of Alliances and Strategy.
In addition to leveraging its relationship with ADPÃ‚Â® Employer Services, the company is expanding its direct sales teams in order to increase Cornerstone’s share of mid-market business. The move supports the recent launch of Cornerstone Business Edition, the company’s talent management solution built specifically for medium-sized organizations. The sales team also is bolstering its vertical expertise, hiring specialists in key market segments such as healthcare and the public sector.
Strategic investments and hires in other areas across the company, such as client services, consulting, product development and software infrastructure, allow Cornerstone to continue to scale its operations, serve its rapidly growing client base, further extend its international reach and significantly expand its market share.
“While other talent management software vendors have faced workforce reductions, mergers and consolidations, Cornerstone has been the exception,” commented Miller. “We are continuing to invest to ensure the success of our clients and the strength of our team.”
Other company highlights include
- Global Client Wins: To date, more than 2.7 million active users in 141 countries use Cornerstone’s Software-as-a-Service (SaaS)-based solutions. Second quarter client wins include American Bankers Association; Money Advice Trust; New York Presbyterian Hospital; ValleyCrest; two respected international non-profit organizations; a UK-based investment and insurance firm; and a leading European financial services company, among others.
- Product Innovation: In May, the company expanded its Succession Management platform. Designed to help organizations better engage, motivate and retain valued employees, features such as detailed resumes, career preferences and job profiles lay the groundwork for major new functionality focused on employee career management.
- Strategic Alliances: Cornerstone has significantly expanded its global footprint via new strategic reseller relationships with premier organizations such as ADPÃ‚Â® Employer Services, with more than 550,000 clients worldwide, and Australia-based Talent2, the leading talent management and HR outsourcing firm in the Asia-Pacific region.
- Empowering Communities: The company continues to expand the Cornerstone OnDemand Foundation, which leverages the company’s expertise in workforce development, education and software deployment, as well as other organizational assets, for philanthropic and community benefit. United Way of the Bay Area and Goodwill Industries of San Francisco, San Mateo and Marin Counties have joined Teach for America, Oxfam America and Save the Children as strategic non-profit partners of the Foundation.
For more information about Cornerstone OnDemand, visit www.cornerstoneondemand.com. To follow Cornerstone OnDemand on Twitter, go to http://twitter.com/cornerstoneinc. To read Cornerstone OnDemand’s talent management blog, visit http://www.cornerstoneondemand.com/blog.
About Cornerstone OnDemand
Cornerstone OnDemand empowers people around the world with on-demand, integrated learning and talent management software and services for connecting, developing and performing in the workplace. Cornerstone’s Software-as-a-Service (SaaS)-based solutions span the workforce lifecycle, including onboarding, learning, social networking, compliance, performance, compensation and succession planning. The company also provides extended enterprise solutions to help companies better train and collaborate with customers, vendors and resellers. Available in 16 languages and supported by global, 24×7 customer care, Cornerstone is used by more than 2.7 million active subscribers in 141 countries. The company is headquartered in Santa Monica, California and has international offices in London, Paris, Munich and Tel Aviv.