Cornerstone OnDemand to acquire Saba
Cornerstone OnDemand, Inc. is to acquire Saba in a cash and stock transaction that has been valued at around $1.395 billion. The deal has been approved by the boards of directors of both companies, but the transaction is subject to the satisfaction of certain customary closing conditions and regulatory review. This is expected to close in the second quarter of 2020.
By acquiring Saba, the combined company will serve approximately 7,000 organisations around the globe and have over 75 million users. During 2020, the Cornerstone team will integrate and optimise the collective portfolio.
“Today is a truly exciting day for our teams, our clients and our industry,” said Adam Miller, CEO and founder of Cornerstone. “Saba and Cornerstone have always shared a passion for people development, and together we can accomplish great things. The additional depth of expertise and capability from Saba is an ideal complement to Cornerstone. With the combination, our product development team is expected to significantly expand, giving us the ability to develop faster, further increase competitive differentiation, and help millions of people around the world to overcome the skills divide.”
“For over 20 years, Saba has been committed to helping clients around the world attract, develop and engage their people, and I am thrilled about this union because of the value it will bring to them,” said Phil Saunders, CEO and member of the Saba Board of Directors. “We see a natural fit between Saba and Cornerstone. We are aligned on mission and a view of where the industry is heading. Together, we will be better able to serve the needs of our clients and lead our industry into the future.”
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