San Francisco – February 25, 2020 – Cooley advised Cornerstone OnDemand, a global leader in people development solutions, on its agreement to acquire talent solution company Saba for approximately $1.395 billion in cash and stock. Lawyers Ben Beerle, Rachel Proffitt and Anne Lieberman led the Cooley team advising Cornerstone on the transaction, which is expected to close in Q2, and Mischi a Marca, Patrick Flanagan and McLean Crichton advised Cornerstone on the debt financing for the transaction.
With the addition of Saba, Cornerstone will have an expanded reach and the ability to help a larger, more diverse group of clients realize the potential of their people with the right learning and development opportunities. The combined company will have more than 75 million users and serve approximately 7,000 organizations of all sizes around the globe.
“The additional depth of expertise and capability from Saba is an ideal complement to Cornerstone,” Adam Miller, CEO and founder of Cornerstone, said in a statement. “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.”
The combined company will be well positioned to deliver a highly differentiated portfolio of people development and talent experience software solutions by leveraging the existing product portfolio, as well as through accelerated product development enabled by a larger combined R&D team, greater financial resources and a shared vision for the future.
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