Cornerstone OnDemand announced the company's exceptional growth and strong performance in 2009 despite the global recession. The year ended with a strong fourth quarter, with new client bookings up 66 percent from Q4 2008. Today the company has one of the largest SaaS subscriber bases in the world, with 3.3 million global users - an 83 percent increase from December 2008. Overall, the company's client base grew by 64 percent in 2009 versus the previous year.
Cornerstone, which recently celebrated its 10-year anniversary, continues to rank among the fastest-growing companies in the U.S. on respected lists such as Inc magazine's Inc 5000 and Deloitte's 2009 Technology Fast 500, which recognized Cornerstone for 311 percent revenue growth from 2004 to 2008. Cornerstone also recently was named among the top 10 Fastest Growing Private Companies in the Southern California region by Los Angeles Business Journal.
"Over the past decade, Cornerstone OnDemand has emerged as the premier learning and talent management software vendor in the world," said Adam Miller, President and CEO of Cornerstone OnDemand. "This past year was a game-changer for our company, marked by a global reseller partnership with ADP, the world's largest SaaS deployment with Kelly Services' 700,000 users, and phenomenal business growth despite terrible macro-economic conditions. In the coming year, we will continue to invest to ensure the success of our clients, scale our operations and further extend our international reach."
Additional highlights from the second half of 2009 include:
* Global Client Wins: Cornerstone signed 54 enterprise and mid-size clients in the second half of 2009, representing more than 554,000 new global users in a wide variety of industries, such as:
* Financial Services (AgFirst Farm Credit Bank; Canandaigua National Corp.; Community America Credit Union; Susquehanna)
* Business Services (Acelero Learning; GlobalEnglish; Insurance Society of Philadelphia; Lead Point Inc.; Realogy Corp.)
* Technology (LenSec LLC)
* Healthcare (CHG Healthcare Services; Health Quest; Renal Advantage Inc.)
* Non-Profit (Catholic Relief Services; Consumer Credit Counseling Service of Atlanta; Fred Finch Youth Center; New Teacher Project)
* Retail/Manufacturing/Distribution (Bozzuto Group; Bright Horizons Family Solutions; Continental Carbonic Products Inc.; Henry's; Kollmorgen; Pride International; Sovran Self Storage Inc.; Tween Brands Inc.)
* EMEA Growth: EMEA new client signings in the second half of the year included Alliance Healthcare France; Carlsberg Group; Cell C; ECI Telecom; Jaguar Land Rover; MGCM; NICE Systems; Oberthur Technologies; Royal Mail Group; and Virgin Media, among others.
* Reseller Network Wins: Cornerstone's global reseller network, including premier partners such as ADP, Ceridian Canada, Intelladon, Talent2, Xchanging and XnX, continues to drive the company's reach in the U.S. and around the world.
* Product Innovation: The company launched several major enhancements across its comprehensive learning and talent management software suite to provide greater usability and enhanced platform depth. This includes a more advanced version of the company's enterprise social networking platform, Cornerstone Connect, and the introduction of Talent Profiles, which provide convenient access to individual employee data across the suite. Cornerstone also turned succession planning on its head with the addition of Career Center. The robust suite of career management tools helps organizations align employee career aspirations and development plans with the strategic needs of the business.
* Analyst Recognition: For the second consecutive year, Cornerstone was placed by Gartner Inc. in the "Leaders Quadrant" of the 2009 Gartner Magic Quadrant for Corporate Learning Systems (CLS) report.1 The Magic Quadrant positions vendors according to their "Ability to Execute" and their "Completeness of Vision."
* Client Success: In Q3, the company formally launched its Client Success Program, an innovative approach to supporting Cornerstone's clients and their business objectives. Premised on the concept that each client relationship is an evolving lifecycle, the Program ensures that Cornerstone's team is engaging business leaders, HR staff and administrators through the term of the relationship to ensure mutual success and optimize the client's use of Cornerstone's software.
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