Cornerstone OnDemand, Inc. (NASDAQ: CSOD), a global leader in cloud-based learning, talent management and talent experience software, today announced that its Board of Directors has approved a new share repurchase program under which the Company is authorized to repurchase up to $150 million of its common stock.
“This share repurchase program demonstrates our Board and management’s confidence in Cornerstone and its future,” said Adam Miller, founder and CEO, Cornerstone.
The authorized repurchases represent approximately 5% of current market capitalization. Cornerstone does not have a specific schedule or commitment for the repurchase of the shares. The timing and the amount of any repurchases will be determined by the Company based on its evaluation of market conditions and other factors.
Cornerstone was founded with a passion for empowering people through learning and a conviction that people should be your organization’s greatest competitive advantage. Cornerstone is a global human capital management leader with a core belief that companies thrive when they help their employees to realize their potential. Putting this belief into practice, Cornerstone offers solutions to help companies strategically manage and continuously develop their talent throughout the entire employee lifecycle. Featuring comprehensive recruiting, personalized learning, development-driven performance management, and holistic HR planning, Cornerstone’s human capital management platform is successfully used by more than 3,600 global clients of all sizes, spanning more than 40 million users across 190+ countries and 40+ languages. Learn more at www.cornerstoneondemand.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the Company’s share repurchase program and the factors that will impact the amount and timing of purchases, if any, thereunder, are forward-looking statements that involve a number of uncertainties and risks. Actual results may differ materially from these statements and from actual future events or results due to a variety of factors, which are described in reports and documents the company files from time to time with the Securities and Exchange Commission, including the factors described under the section titled “Risk Factors” in the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2019. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. Except to the extent required by applicable law, the company disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
Cornerstone® and Cornerstone OnDemand® are registered trademarks of Cornerstone OnDemand, Inc.