Cornerstone OnDemand (CSOD)




 
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Cornerstone OnDemand (NASDAQ:CSOD) provides companies with software to train their employees. Cornerstone OnDemand's software is offered as a Software-as-a-Service (SaaS) and so is accessible online with a subscription. The software helps train employees across 5 platforms: learning management, enterprise social networking, performance management, succession planning, and extended enterprise. As of March 2011, Cornerstone OnDemand had 4.92M users over 164 countries. The platform is translated into 23 different languages.[1]

Cornerstone OnDemand attempts to improve the way businesses develop talent, engage employees, build leadership pipelines and improve business execution. The company believes that organizations will continue to choose Software-as-a-Service (SaaS) over desktop applications. Just as companies have moved to SaaS tools for business applications such as sales force management, so too will companies move to SaaS for learning and talent management. According to IDC, the total revenue for SaaS tools was $13.1B in 2009 and is expected to grow to $32.4B by 2013.[2]

The company's initial public offering of stock on the NASDAQ occurred on March 16, 2011. The company offered 10.5M shares each for $13. This was above the initial price range of $9-$11. The company raised a total of $137M through the offering. The lead underwriter of the deal were Goldman and Barclays (BCS).[3]

For the full year 2010, Cornerstone OnDemand's total revenue was $46.6M. This was a 59% increase over the 2009 total revenue figure of $29.3M. Cornerstone OnDemand suffered a net loss in 2010 of $56.6M. This was a larger loss than the $10.5M loss in 2009. The greater net loss in 2010 was caused largely by a change in the fair value of the company's stock.[4]

References

  1. CSOD S-1/A PROSPECTUS SUMMARY "Overview" pg 1
  2. CSOD S-1/A PROSPECTUS SUMMARY "The Market" pg 1-2
  3. Renaissance Capital - IPO Home "Cornerstone OnDemand prices IPO at $13, above the $9-$11 range" 16 March 2011
  4. CSOD S-1/A PROSPECTUS SUMMARY "SUMMARY CONSOLIDATED FINANCIAL DATA" pg 7
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