Thursday, March 17, 2011
Cornerstone OnDemand Up Nearly 47 Percent In IPO
Santa Monica-based Cornerstone OnDemand, the developer of talent management and human resources software headed by Adam Miller, were up nearly 47 percent Thursday in its initial public offering. The firm, which debuted on the NASDAQ Global Market, had debuted in the morning at $13.00 per share, but surged to close at $19.07, trading as high as $20.25, despite market worries about the Japanese earthquake, tsunami, and nuclear disaster. The robust reception for Cornerstone--trading as CSOD--came after the firm priced above initial estimates of $9 to $11 per share. Cornerstone OnDemand is the latest in a string of venture backed startup out of Southern California to successfully reach the public markets; the firm was backed by Bay Partners, Bessemer Venture Partners, and Meritech Capital.