Cornerstone OnDemand announced it has entered into a definitive agreement to be acquired by Clearlake Capital Group. Under the terms of the agreement, Clearlake will acquire the outstanding shares of Cornerstone common stock for $57.50 per share in cash. The transaction has an enterprise value of approximately $5.2B. The $57.50 per share purchase price represents a premium of approximately 31% to Cornerstone’s unaffected closing stock price on June 1, the last full trading day prior to Clearlake filing a Schedule 13D in connection with the company’s strategic review process. Upon completion of the transaction, Cornerstone will become a private company. The transaction, which was unanimously approved by Cornerstone’s board, is not subject to a financing condition and is expected to close in the second half of 2021.