Cornerstone OnDemand buys Grovo, reports solid Q3
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Cornerstone OnDemand said it will acquire Grovo Learning for $24 million to build out its subscription human capital learning content.
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Grovo specializes in so called "micro-learning training content." Grovo has more than 2,500 micro-learning courses. Topics cover developing high-potential employees, setting goals, project execution and recruitment practices.
The company also acquired Workpop during the quarter. Cornerstone OnDemand buys Workpop, aims to bolster recruiting suite
Cornerstone also said it has expanded its Content Anytime subscription service, which is used by enterprises to train employees.
Separately, Cornerstone reported a third quarter net loss of $2.4 million, or 4 cents a share, on revenue of $134 million. Non-GAAP earnings for the third quarter were 23 cents a share, a nickel ahead of Wall Street estimates.
For the fourth quarter, Cornerstone projected revenue between $128 million and $131 million, down 2 percent to flat compared to a year ago.
Cornerstone said it is projecting 2018 revenue between $528 million and $531 million.
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On a conference room with analysts, CEO Adam Miller said it has been a year since the company outlined a plan to be more profitable. Cornerstone has developed its partner and consultant ecosystem and almost doubled profitability.
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