M&A · Tech · Services-Prepackaged Software
Clearlake Capital Group, L.P. to acquire Cornerstone OnDemand Inc
Announced Aug 5, 2021 · Closed Oct 15, 2021
Deal value$5.20BEV $5.20B
Premium31.0%To unaffected price
EV / Adj. EBITDA18.1x6.3x EV / Revenue
ConsiderationAll cash$57.50 per share
Transaction
- Acquirer
- Clearlake Capital Group, L.P.
- Target
- Cornerstone OnDemand Inc
- Buyer type
- Private equity
- Offer price per share
- $57.50
- Enterprise value
- $5.20B
- Status
- Closed Oct 15, 2021
Deal protections
- Break fee (target pays)
- $150M · 2.9%
- Reverse fee (buyer pays)
- $320M · 6.2%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan, BofA Securities
Advisors
- To the acquirer
- Morgan Stanley, Rothschild & Co, JPMorgan, Goldman Sachs, Barclays, Jefferies, William Blair
- To the target
- Qatalyst, Centerview
- Centerview fee
- $24.0M
Sector context · Tech
- Comparable deals
- 36 in the prior 24 months
- Premium
- 31.0% vs. 29.9% sector median
- EV / Adj. EBITDA
- 18.1x vs. 17.3x sector median
- Break fee
- 2.9% vs. 3.0% sector median
Timeline
- AnnouncedAug 5, 2021
- Proxy filedAug 30, 2021
- Definitive proxySep 10, 2021
- Shareholder voteOct 12, 2021
- ClosedOct 15, 2021
Valuation · fairness opinions
Discounted cash flowQatalyst$41.63$76.14
Trading comparablesQatalyst$37.13$60.41
Trading comparablesQatalyst$37.87$61.40
Trading comparablesQatalyst$45.16$72.32
Trading comparablesQatalyst$40.15$64.33
Trading comparablesCenterview$43.25$60.50
Trading comparablesCenterview$45.00$72.25
Precedent transactionsCenterview$29.50$47.00
Precedent transactionsCenterview$46.50$70.25
Discounted cash flowCenterview$50.75$71.25
Offer $57.50
Implied value per Cornerstone OnDemand Inc share by analysis, from Qatalyst and Centerview.