HR Tech firm Cornerstone, backed by Clearlake Capital Group, acquired SumTotal for about $200 million. Clearlake has signed a definitive agreement with Skillsoft (NYSE: SKIL) to acquire the SaaS provider, SumTotal.
However, The Acquisition has happened after the Cornerstone’s recent acquisition of EdCast. Thus, company has strategized the platform for people’s development, growth and mobility.
With this acquisition of SumTotal, Cornerstone will be more diverse, transforming the customers the way they identify and develop their skills. Therefore, The merged entity will deliver a differentiated, expanding the portfolio of learning, Talent and people with a vision for work toward future.
Himanshu Palsule, CEO of Cornerstone, said: “Today is an exciting...