Wednesday, September 29, 2010
Cornerstone OnDemand Files For IPO
In what looks to be a banner year for IPO filings for Southern California, Santa Monica-based Cornerstone OnDemand filed for an IPO this morning, saying that it is looking to raise up to $115M in an IPO. The firm has not yet specified an exchange it plans to list on. The IPO is being underwritten by Goldman, Sachs & Co., Barclays Capital, William Blair & Company, Piper Jaffray, Pacific Crest Securities, and JMP Securities. Cornerstone OnDemand--which is headed by Adam Miller--is venture backed by Bay Partners, Bessemer Venture Partners, and Meritech Capital. According to the S-1, the firm had a net loss of $8.3M on revenues of $29.3M for 2009, and has seen revenues grow to $20.28M in the first six months of 2010. Cornerstone OnDemand develops software-as-a-service, used by human resources and others to manage learning, career development, succession planning, and other corporate operations.