Software developer Cornerstone OnDemand Inc. has filed for an initial public offering, saying it wants to raise up to $115 million.
The Santa Monica company makes software used by human resource departments for staff development and retention. Formed in 1999, Cornerstone said it has more than 390 clients that use the software in 164 countries. Adam Miller is chief executive.
According to an S-1 filing with the Securities and Exchange Commission made late Tuesday, Cornerstone had a net loss of $8.3 million on revenue of $29.3 million in 2009. Revenue in the first six months of this year has grown 50 percent to nearly $20.3 million.
Last November, Cornerstone ranked No. 10 in the Business Journal’s annual list of fastest-growing private companies, with a two-year growth rate of 283 percent based on 2008 figures.
The company’s private equity backers include Bay Partners, Bessemer Venture Partners, and Meritech Capital. The IPO will be underwritten by Goldman, Sachs & Co., Barclays Capital, William Blair & Co., Piper Jaffray, Pacific Crest Securities, and JMP Securities.
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