Cornerstone OnDemand buys Grovo, reports solid Q3

Grovo will add to Cornerstone's training content and improve its production economics.

Cornerstone OnDemand said it will acquire Grovo Learning for $24 million to build out its subscription human capital learning content.

CNET: Best Black Friday deals 2018 | Best Holiday gifts 2018 | Best TVs to give for the holidays

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.

TechRepublic: A guide to tech and non-tech holiday gifts to buy online | Photos: Cool gifts for bosses to buy for employees | The do's and don'ts of giving holiday gifts to your coworkers

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.

Black Friday 2018 deals: