Cornerstone Accelerates Momentum in Content with Acquisition of Grovo
Deal Strengthens Cornerstone’s Content Anytime Offerings with the Leader in Modern Micro-Learning Training Content
SANTA MONICA, Calif. — November 7, 2018 – Cornerstone OnDemand (NASDAQ:CSOD), a global leader in cloud-based learning and human capital management software, today announced that the Company signed a definitive agreement to acquire Grovo Learning, Inc., the leading provider of micro-learning content for $24 million in an all-cash deal, subject to certain closing adjustments. The acquisition of Grovo is expected to close in the fourth quarter of 2018.
Founded in 2010, Grovo has produced over 2,500 micro-learning courses across a range of topics. Grovo has over 300 clients, including Gap Inc., Hulu, Chevron and Wells Fargo, with offices in New York City and San Francisco.
“The acquisition of Grovo helps fulfill the vision we had on day one for Cornerstone to improve access to education on a global basis. As leaders in learning, we know that Grovo has some of the most innovative training content in the world,” said Adam Miller, Cornerstone’s founder and CEO. “United with our state-of-the-art Learning suite and our Content Anytime subscription offerings, the combination with Grovo places Cornerstone in a league of its own.”
In conjunction with this acquisition, Cornerstone also announced an expansion of its Content Anytime subscription offerings. Content Anytime is a content subscription service that enables organizations to provide their employees with fresh, modern content that puts them in control of their own career development. The subscriptions support all types of modern learning formats, from micro-learning (shorter, easily consumable courses) to macro-learning (deeper mastery of a subject or skill) to spaced-learning (courses broken into sections, with timed intervals for questioning in between). Cornerstone continually adds and refreshes course content by combining insights from nearly 20 years of learning and development expertise and the most in-demand, user-driven content recommendations informed by usage data and feedback from Cornerstone’s massive community.
Starting today, Cornerstone will offer a range of subscriptions beyond its popular Content Anytime Essentials offering, including thematic subscriptions for compliance and digital transformation, as well as regional subscriptions for France, Germany and Spain. Cornerstone expects to incorporate Grovo content across its Content Anytime subscription service.
Cornerstone will discuss the acquisition of Grovo on its third quarter 2018 earnings conference call scheduled for today.
This press release contains forward-looking statements about the expectations, beliefs, plans, intentions and strategies of Cornerstone relating to its acquisition of Grovo. Such forward-looking statements include statements regarding future product offerings; expected benefits to Cornerstone and its customers; expected financial impact of the acquisition on Cornerstone; and plans regarding the integration of Grovo’s products with Cornerstone’s. These statements reflect the current beliefs of Cornerstone and are based on current information available to Cornerstone as of the date hereof, and Cornerstone does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. The ability of Cornerstone to achieve these business objectives involves many risks and uncertainties that could cause actual outcomes and results to differ materially and adversely from those expressed in any forward-looking statements. These risks and uncertainties include the failure to achieve expected synergies and efficiencies of operations between Cornerstone and Grovo; the ability of Cornerstone and Grovo to successfully integrate their respective market opportunities, technology, products, personnel and operations; the failure to timely develop and achieve market acceptance of combined products and services; the potential impact on the business of Grovo as a result of the acquisition; the loss of any Grovo customers; the ability to coordinate strategy and resources between Cornerstone and Grovo; the ability of Cornerstone and Grovo to retain and motivate key employees of Grovo; general economic conditions; as well as those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Cornerstone’s Form 10-Q filed with the Securities and Exchange Commission on August 7, 2018 for the quarter ended June 30, 2018, which is available on the Investor Relations section of our website at csod.com and on the SEC website at www.sec.gov.
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