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TA Tech Business NewZ

Curated Intel from the Talent Tech Industry

August 9-15, 2021:

• Freelancer marketplace Upwork to raise $500M through convertible senior notes;

• Cornerstone OnDemand acquired by private equity firm in $5.2B deal;

• Forget the virtual office, now companies are moving into virtual HQs.

• Global vertical market software provider Harris acquires Quebec-based Jobillico; and

• Internal mobility startup AnthillAI raises $3M in seed funding.


The only conference specifically designed for TA tech company execs. That’s what makes TAtech North America & The World Job Board Forum unique. Join us in-person on Aug 23-25 in Las Vegas!

Upwork to raise $500M through convertible senior notes

Upwork, the freelancer marketplace targeted at creatives, is planning to offer $500 million of convertible senior notes in a private placement. Initial purchasers will also have the option to purchase up to an extra $75 million of notes. The sale, which is due to close on August 10, is forecasted to bring the U.S.-based company around $487 million in net proceeds after discounts, commissions and expenses are deducted (if no additional notes are purchased). The majority of the funds will be used for “general corporate purposes,” including marketing, brand awareness and sales, as well as potential investments and acquisitions.

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Cornerstone OnDemand Enters Definitive Agreement to Be Acquired by Clearlake Capital Group in $5.2 Billion Transaction

Cornerstone OnDemand, Inc. (NASDAQ: CSOD), a global leader in talent management software, announced it has entered into a definitive agreement to be acquired by Clearlake Capital Group, L.P. (together with certain of its affiliates, “Clearlake”), a leading private equity firm. 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 $5.2 billion. The $57.50 per share purchase price represents a premium of approximately 31% to Cornerstone’s unaffected closing stock price on June 1, 2021, the last full trading day prior to Clearlake filing a Schedule 13D in connection with the Company’s strategic review process, and a 40% premium to the Company’s unaffected LTM VWAP. Upon completion of the transaction, Cornerstone will become a private company with the flexibility and resources to continue to provide market leading, talent management software-as-a-service ("SaaS") solutions. Additionally, Cornerstone will benefit from the operating capabilities, capital support and deep sector expertise of Clearlake and their strong track record with software platform investments.

Original Source

Companies Start to Explore Virtual HQs

As companies move to a hybrid workforce, the race is on among vendors selling digital headquarters (HQ) platforms that bring remote and in-person staff together, for both official work and casual social interactions. "The concept of creating an enterprisewide metaverse has started to come up a lot" in discussions with clients, said Liz Kiehner, vice president of workforce and organization within Capgemini Invent in North America. Such a metaverse would be a virtual incarnation of a HQ office, where both remote employees and those in the physical HQ work and collaborate. The past year has seen the launch of a crop of virtual HQ startups, including Teamflow, Gather, Branch, Nooks, HubbleHQ and Teemyco. In addition, at least one large enterprise software vendor has officially moved into the digital HQ space: Salesforce unveiled its strategy to become the digital HQ for the enterprise in July, as part of its announcement that it had completed its $27 billion acquisition of Slack.

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Harris enters the online recruitment solutions market through its acquisition of the Quebec-based platform, Jobillico

Harris, a global vertical market software provider and acquirer, enters the field of online recruitment solutions with the acquisition of Quebec-based employment website, Jobillico. With over 3 million users in Canada, Jobillico supports a network of over 5,000 employers in recruiting top talent using a digital platform that is largely developed and maintained by its Québec City team. According to Serge Lavallée, President and Cofounder of Jobillico, the acquisition announcement is excellent news for the future of the organization: “Harris has shown a deep commitment to our customers, our employees, and our product. I am very confident that this acquisition will only drive the company forward.”

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Internal Mobility Startup Raises $3 Million

Chicago-based startup AnthillAI, Inc., the talent management platform designed for the deskless workforce, announced it has raised $3 million in seed funding. Founded in 2020 by co-founders CEO Muriel Clauson and CTO Young Jae Kim, Anthill makes it possible for companies to connect with, develop, and retain deskless employees in manufacturing, distribution, and retail at scale. The HR SaaS startup has created a comprehensive talent platform based upon skills data and people science for employers paired with a mobile experience for employees. The startup’s goal is to better understand and develop the deskless workforce (those who do not work at a desk or computer), who are 80 percent of the global workforce. The round is led by Rethink Education along with participation from Origin Ventures, BBG Ventures, The Fund, JFF (Jobs for the Future), and more.

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The Only Conference Specifically Designed for TA Tech Company Execs

TAtech’s annual blockbuster conference – TAtech North America & The World Job Board Forum – is the only conference in the world specifically designed for talent technology company CEOs and their direct reports. And, this year’s event will be the first IN-PERSON meeting in the talent technology industry in over a year. To be collocated with the SHRM Talent Management Conference & Expo – enabling you to score B2C and B2B meetings in a single business trip – it will be held on August 23-25 in Las Vegas. The conference puts the business of talent technology front and center, not off in some corner of a huge HR tech conference. It features the TAtech Deal Center for exploring strategic partnerships, possible mergers and acquisitions, and new product developments as well as one-of-a-kind thought leadership and networking.

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