Cornerstone OnDemand has entered into a definitive agreement to acquire Saba. The strategic combination will enhance Cornerstone’s reach and accelerate innovation around how people learn and grow at work.
Valued at approximately $1.4bn, the cash and stock transaction has been unanimously approved by the board of directors of both companies.
With the addition of Saba, Cornerstone will have an expanded reach and the ability to help more clients realise 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 organisations around the globe.
Adam Miller, CEO and founder of Cornerstone, said: “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.”
The transaction is expected to close in the second quarter of 2020.