Monday, August 8, 2011

Cornerstone OnDemand Drops Secondary IPO Effort

Santa Monica-based Cornerstone OnDemand, the developer of software-as-a-service for talent and employee management, has dropped its plans for a secondary IPO, citing "current marketing prices". According to the withdrawal statement from Cornerstone OnDemand, the firm's existing shareholders, who were planning on selling in the secondary offering, were unwilling to participate due to "current market prices". The firm also cited the expense of an offering. Cornerstone OnDemand had filed for a secondary offering only a few weeks ago, on July 20th. The firm had a successful IPO in March. Cornerstone OnDemand trades as CSOD on the Nasdaq Global Market.