Cornerstone OnDemand Raises $12.7M

Santa Monica-based Cornerstone OnDemand, a developer of talent management and human resources management software, said Thursday afternoon that it has raised $12.7M in a new round of financing. The round was led by Meritech Capital, and also included prior investors Bessemer Venture Partners and Bay Partners. Cornerstone said the funding will allow it to pursue new market opportunities, enhance its offerings, and continue its business and financial growth. The firm also said that it was cash flow positive at the close of 2008, with "considerable cash reserves" from a prior round, but decided to raise the funding "to be opportunistic" in capturing additional market share from its competitors. More information »