Cornerstone has acquired EdCast, a learning platform that uses Open edX

IBL News | New York

Cornerstone OnDemand is buying EdCast this month, a training platform that has a skill engine and content marketer that uses Open edX as part of its software. The terms of the transaction, which is expected to close in the 2nd quarter of 2022, have not been disclosed.

To date, EdCast has raised $ 107.3 million in eight rounds and 21 investors. EdCast post-monetary valuations range from $ 100 million to $ 500 million December 12, 2019according to PrivCo.

Analyst Josh Bersin wrote that EdCast is worth about $ 40 million and is growing by 80% a year.

Himanshu Palsule, CEO of Cornerstone, said his company and EdCast have “the potential to deliver the next generation of learning and talent infrastructure.”

He added that the acquisition is in line with Cornerstone’s strategy to transform the training software market.

“The fragmented landscape of HR technology is ready to be redesigned today as organizations seek new ways to unite people and businesses in the most important areas of development – recruiting workforce, retaining talent, transforming skills and moving the profession.” he explained.

Purchased last year by Clearlake Capital Group for $ 5.2 billion, Cornerstone has 6,000 corporate subscribers and 75 million users.

This Santa Monica California company competes with enterprise learning and talent management platforms such as Degreed, Microsoft Viva Learning, Workday, SAP SuccessFactors, Oracle HCM, Intrepid and NovoEd. In the area of ​​learning platforms, it competes with Docebo, Valamis, 360Learning, Totara, Absorb, and Learn Upon, Saba, Fuel50 and Gloat and more.

EdCast was founded by entrepreneur Carl Mehta in 2014 as an open edX provider. Later, it evolved into the Learning Experience Platform (LXP), which mainly competes with Degreed.

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