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Cornerstone to Acquire Learning and Human Capital Management Software Firm SumTotal.

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MANews-(C)2009-2022

California-based HR solutions provider Cornerstone Inc. has agreed to acquire New Jersey based learning and human capital management software-as-a-service provider SumTotal from with Skillsoft (NYSE: SKIL), the company said.

Terms of the transaction were not disclosed. The transaction is expected to close in the second half of 2022, subject to regulatory approvals and other customary closing conditions.

With the addition of SumTotal, Cornerstone will be positioned to help a larger, more diverse group of customers transform the way they identify and develop the skills of the future, engage and develop their people, and optimise talent and business agility.

The combined company will be positioned to deliver a differentiated, expanded portfolio of learning, talent, and people growth solutions with broader vertical expertise, and greater financial resources.

Centerview Partners LLC is serving as financial advisor to Cornerstone and Clearlake, and...

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