Friday, June 8, 2018
Cornerstone OnDemand Veteran's Startup Snapped Up By Workday
In what looks to be one of the fastest Series A-to-acquisition deals in recent years, a startup backed by Santa Monica-based Cornerstone OnDemand has just been acquired by HR software giant WorkDay. San Francisco-based Rallyteam, a startup founded by former VP of Global Alliances and Strategic Initiatives at Cornerstone OnDemand David Somers, was acquired today by Workday. Financial details of the acquisition were not disclosed, however, the acquisition is bound to have been well worth the offer, given that Rallyteam only just announced its Series A in November of 2017, just 8 months ago. Rallyteam's A--worth only $8.6M--included Norwest Venture Partners, Storm Ventures, Cornerstone OnDemand and Wilson Sonsini Goodrich & Rosati. Rallyteam's machine learning software was used to help match their employees to skills, experiences, and interests.