Santa Monica-based Cornerstone OnDemand Inc. has acquired privately held Grovo Learning Inc., a New York City-based technology company.
Cornerstone, a cloud-based learning and talent management solutions provider, paid $24 million in the all-cash deal, subject to certain closing adjustments. The acquisition of Grovo is expected to close before yearend.
Founded in 2010, Grovo provides a learning platform to improve and advance employee and organizational performance.
Grovo, which has offices in New York City and San Francisco, has produced more than 2,500 learning courses across a range of topics, with more than 300 clients, including Gap Inc., Hulu, Chevron and Wells Fargo.
Grovo has 60 employees in two offices, while Cornerstone has nearly 2,000 worldwide in 20 offices, with more than 800 located in the company’s Santa Monica headquarters.
Cornerstone also announced an expansion of its “Content Anytime” subscription offerings. Content Anytime is a content subscription service that enables organizations to provide their employees with content that puts them in control of their own career development.
Cornerstone expects to incorporate Grovo content across its Content Anytime subscription service.
This acquisition enables Cornerstone to further drive momentum for its corporate learning and development business because it can now exclusively offer its 3,400 global clients Grovo’s extensive library of micro-learning courses and integrate its proprietary content development tool, “Grovo Create,” into the Cornerstone Learning suite, the company said in a statement.
Finance reporter Pat Maio can be reached at firstname.lastname@example.org or (323) 556-8329.
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