Cloud-based talent management solutions provider Cornerstone On-Demand has signed into an agreement to acquire the privately-held big data workforce optimization outfit, Evolv Inc., paving the way for its clients to tap the power of big data analytics for the betterment of workforce decisions.
“We have seen the talent management market advance over the last decade, as global organizations shifted from a focus on process automation through client server solutions to a focus on employee engagement through a consumerized, unified talent management suite. Now we are moving to the next generation of data-driven talent management in a world of big data,” enunciates Adam Miller, president and CEO of Cornerstone OnDemand.
“Evolv has built a reputation as a leader in big data analytics, and together we have a huge opportunity to deliver even more value to organizations leveraging our solutions,” he said.
Allegedly Evolv has the best-in-class machine learning and data science platform and has been touted as one of the world’s top 10 most innovative companies in big data. It assists enterprises “utilize relevant internal and external data to objectively evaluate the skills, work experience and personalities of their employees and job candidates,” reports a Cornerstone press release. Together with Cornerstone the engine will provide insights on the data silos established by the company through its 1,800 odd clients worldwide, through the decade.
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Evolv will enhance Cornerstone’s clients’ decision making strategies through:
– Machine Learning Platform Technology which applies sophisticated predictive models and algorithms to large sets of data for extracting insights from the noise.
– Data Science employing state-of-the-art statistical methodologies and econometric techniques to improve the predictive capabilities of its solutions
– Big Data Infrastructure
“There are so many untapped opportunities for employers to improve their decision-making using data that already exists,” said Max Simkoff, CEO of Evolv. “We are extremely excited to apply our machine learning and data science expertise to Cornerstone’s organically-developed, unified talent management platform to help organizations find these new insights.”
Cornerstone’s acquisition of Evolv takes place with $42.5 million in cash, where Cornerstone will assume up to $2.0 million in debt and will grant certain Evolv employees restricted stock units covering up to 200,000 shares. Subject to customary closing conditions the acquisition with close within 30 days.
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(Image Credit: Daniel Spiess)