Cornerstone OnDemand made a big announcement today: It has entered into a definitive agreement to acquire learning experience platform software provider EdCast. The transaction is expected to close in Q2 2022, according to a press release issued by the company. This acquisition is the first planned transaction by Cornerstone since joining the Clearlake portfolio in late 2021 in a $5.2 billion deal.
EdCast is known for its expertise and innovation in aggregating, curating, targeting and delivering personalized and contextual learning to users. Its platform is powered by a skills engine and a content marketplace, with an experience delivered in the flow of work via an AI-powered knowledge cloud.
According to commentary published today by Josh Bersin, when Cornerstone went private last year it was growing at double-digit rates but was missing out on the hottest new space: skills-enabled LXPs. Through the acquisition of EdCast, Bersin notes, Cornerstone is positioned to become one of the most mature and end-to-end skills engine providers in the market.
“We are thrilled at the prospect of bringing such an incredible team of learning experts together to revolutionize the learning market,” said Himanshu Palsule, CEO of Cornerstone, in the company press release. “Today’s fragmented HR technology landscape is ripe for reinvention as organizations seek new ways to unify people and business in areas most critical to growth — workforce engagement, talent retention, skills transformation and career mobility. Cornerstone and EdCast have the potential to deliver a next-generation learning and talent infrastructure, rapidly innovate a connected people growth experience, and create a new blueprint for the way organizations and their people grow and thrive, together.”
Clearlake and Cornerstone plan to continue accelerating the company’s value through inorganic and organic growth, transformation and market consolidation, Cornerstone’s press release states.
“The combination of Cornerstone and EdCast is poised to accelerate the pace of innovation in the market,” Karl Mehta, CEO of EdCast, is quoted in the press release. “Together we will transform the way our customers develop the skills of the future, retain and grow their people, improve agility, and unify and scale learning and talent infrastructure in lockstep with business needs.”
