Cornerstone OnDemand (CSOD) released their 3Q 2018 quarterly financial results on November 7, 2018. The results reflected growing revenues and continued attention to building a more profitable company for the future.
Here are some financial highlights from CSOD’s 3Q 2018 results:
- Recurring Revenue for 3Q was $119 million (19% year over year increase)
- Total Revenue for 3Q was $134 million (10% year over year increase)
- Cornerstone ended the quarter with 1,892 employees (3.5% year over year reduction)
- Number of clients at the end of the quarter: 3,428 (9.0% year over year increase)
- Number of users at end of the quarter: 38.5 million (14.9% year over year increase)
The Workpop acquisition was announced in September as an addition to the Cornerstone Recruiting suite. Cornerstone describes Workpop as “an easy-to-use, robust web and mobile solution for candidates and hiring managers in service-based industries.”
Grovo Learning is the latest acquisition announced by Cornerstone after the close of business on November 7, 2018. Grovo will complement Cornerstone’s content offerings through Content Anytime for customers seeking robust content solutions. Grovo is known for workplace learning and their Microlearning© platform. Grovo has a library of 2,500 Microlearning© courses and that library will now only be available through Cornerstone.
Cornerstone delivered another outstanding quarter of financial results and continues to expand and strengthen their product offerings through strategic acquisitions such as Workpop and Grovo Learning.
Also announced during the quarter, Cornerstone, based in Santa Monica, will be opening their second-largest office in the U.S. in Silicon Slopes, near Salt Lake City, Utah. The office is expected to create up to 350 permanent jobs over time.