Thursday, March 8, 2012
Cornerstone OnDemand Buys New Zealand Firm
Santa Monica-based Cornerstone OnDemand, the developer of human resources and talent management software-as-a-service, said today that it has agreed to acquire Auckland, New Zealand-based Sonar Limited (Sonar6). Cornerstone OnDemand said it would pay $13M in cash, and $1M in equity for Sonar6, in addition to hiring certain employees from the company. Sonar6 develops cloud-based, talent management software focused on small businesses. Cornerstone OnDemand said it is using the acquisition to enter into the SMB space. The software-as-a-service, HR and talent management space has had a flurry of activity in recent weeks, with acquisition of Taleo by Oracle, and SuccesFactors by SAP; Cornerstone OnDemand said that the acquisition of Sonar6 was in part driven by that activity, in that it says it is looking to capitalize on disruption in the talent management market cause by the recent consolidation.