Cornerstone enters into pact to acquire learning experience platform EdCast
Cloud-based HR software solutions provider Cornerstone OnDemand on Thursday announced it has entered into a definitive agreement to acquire learning experience platform (LXP) EdCast.
The terms of the deal, which is expected to close in the second quarter of 2022, were not disclosed.
Cornerstone, a US-based human capital management company backed by investment firm Clearlake Capital, believes that the combination aligns well with its strategy of transforming the learning software market, it said in a statement.
“We are thrilled at the prospect of bringing such an incredible team of learning experts together to revolutionize the learning market,” said Himanshu Palsule, CEO of Cornerstone. “Today’s fragmented HR technology landscape is ripe for reinvention as organizations seek new ways to unify people and business in areas most critical to growth - workforce engagement, talent retention, skills transformation, and career mobility.”
Cornerstone and EdCast have the potential to deliver a next-generation learning and talent infrastructure, rapidly innovate a connected people growth experience, and create a new blueprint for the way organizations and their people grow and thrive, Palsule, who took the reins at the company in January, added.
EdCast, founded in 2014 and which provides LXP software solutions, is known for its expertise and innovation in aggregating, curating, targeting, and delivering personalized and contextual learning to users. EdCast’s platform is powered by a skills engine and a content marketplace, with an experience delivered in the flow of work via an AI-powered knowledge cloud.
“The combination of Cornerstone and EdCast is poised to accelerate the pace of innovation in the market,” said Karl Mehta, CEO of EdCast. “Together we will transform the way our customers develop the skills of the future, retain and grow their people, improve agility, and unify and scale learning and talent infrastructure in lockstep with business needs.”
The two entities together aim to accelerate value for customers with innovations in experiential learning, content and skill building, and a unified and scalable talent infrastructure designed to transform learning into a connected engine of growth, agility and mobility for people and business.
“The acquisition of EdCast underscores the fundamental growth thesis we see for Cornerstone in the market as a leading talent management SaaS platform provider,” said Prashant Mehrotra, Partner, and Paul Huber, Managing Director at Clearlake.