Tuesday, November 9, 2010

Cornerstone OnDemand Selects NASDAQ

Santa Monica-based Cornerstone OnDemand, the provider of software-as-a-service tools used by human resources departments to manage manage learning, career development, succession planning, and other corporate operations, has selected an exchange in its IPO effort, saying in a filing today that it intends to list its common stock on the NASDAQ Global Market as CSOD. The firm, which is headed by Adam Miller, also updated its financials, saying it had a net loss of $31.39M on revenues of $32.57M for the nine months ended September 30, 2010. The loss number was a result of an accounting change in fair value of preferred stock warrant liabilities owned by the firm, related to its Series D preferred round. The firm also revealed that it has bolstered its list of clients to 410 clients, versus 390 in its original S-1 filing. Cornerstone OnDemand is backed by Bay Partners, Bessemer Venture Partners, and Meritech Capital. Cornerstone OnDemand filed for an IPO in September.