Friday, December 17, 2010
Cornerstone On Demand Updates S-1
Santa Monica-based Cornerstone On Demand, which recently filed for an IPO on the NASDAQ Global Market as CSOD, has updated its IPO filings documents with the SEC. The firm's latest S-1 shows that the firm had revenues of $32.572M for the nine months ended September 30th, and had a net loss of $31.4M, due to an accounting charge of $24.0M due to the change in the fair value of its preferred stock warrant liabilities. The revenues are up from the first nine months of 2009, when the firm had $21.2M in revenues. Cornerstone OnDemand filed for an IPO in September. The firm is backed by Bay Partners, Bessemer Venture Partners, and Meritech Capital, and is run by Adam Miller. The firm now says it has 410 clients using its product, up from around 390 when the firm initially filed in September.