Cornerstone OnDemand announces record fourth quarter, fiscal year 2008 performance

Cornerstone OnDemand Inc., a leader in on-demand, integrated learning and talent management software and services, today announced the company’s record performance for 2008, including a strong close to the year in Q4.  Despite the economic climate, billings for Q4 2008 were up 90 percent from the previous year, the most profitable quarter in the company’s history.  Overall fiscal year 2008 billings were up 62 percent from last year. 

“While other vendors are downsizing and cutting investment in key business areas, Cornerstone OnDemand is the exception,” said Adam Miller, President and CEO, Cornerstone OnDemand.  “Our strong business and financial performance in 2008 positions us well for the year ahead, and we will continue to dedicate resources to the evolution of our industry-leading software and to the provision of best-in-class client services.  As IT spending becomes increasingly conservative, we anticipate the low total cost of ownership of our SaaS-based platform, coupled with the substantial returns received by our clients, make Cornerstone even more attractive to organizations needing a comprehensive technology solution for managing, developing and connecting workforces.” 

Commented Josh Bersin, president, Bersin & Associates, “Organizations investing in talent management solutions are looking for a financially viable vendor partner that is agile enough to keep pace with business, technology, and market changes.  Cornerstone’s continued global growth, combined with its pure SaaS delivery and comprehensive and innovative approach to human capital management, favorably position the company among the top software vendors in the category.”

Noteworthy Q4 and FY 2008 milestones include:

Expanded Global Presence:  Cornerstone’s client base grew by nearly 70 percent in 2008, with the addition of companies in Q4 such as Sanford Health, Freedom Communications, Brooklyn Public Library and First Horizon, among others.  The company also saw continued growth of its European presence, with the addition of clients such as Coca-Cola HBC Austria, Travelex, and Active Languages, Switzerland, among others. 

Fast-Growing Category Leader: Industry analyst firms such as Bersin & Associates praised the company for its impressive growth, extensive global capabilities and committed client focus. 

Award-Winning Talent Management Solutions:  Used by more than 1.8 million active subscribers in more than 141 countries around the world, Cornerstone’s integrated learning and talent management suite is recognized among the top vendor offerings in the industry by media and analysts. 

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