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Cornerstone Signs a Five-Year, $20 Million Blanket Purchase Agreement with the U.S. Department of the Treasury
(August 22, 2011)
Agreement gives multiple agencies throughout the federal government the ability to deploy Cornerstone's learning and talent management software in their organizations
Cornerstone OnDemand (NASDAQ:CSOD) announced that the U.S. Department of the Treasury has selected the company's integrated learning and talent management software solution, including platforms for learning management, performance management, succession planning and enterprise social networking, to support its workforce management and leadership development needs. Through a five-year blanket purchase agreement, the U.S. Treasury is authorized, but not guaranteed, to spend up to $20 million in software and services from Cornerstone depending on actual task orders received from the federal government. Initial task orders include deployments for the U.S. Treasury headquarters' departmental offices and the Office of the Comptroller of the Currency.
The U.S. Treasury, which employs more than 162,000 people, operates the HR Connect Program Office (HRCPO), an organization within the U.S. Treasury's Office of the Chief Information Officer. As one of six federal shared service centers for the civilian sector of the federal government, the HRCPO implements and maintains information technology solutions that create HR efficiencies throughout the federal government and enable managers to achieve their human capital goals. In addition to the U.S. Treasury, the blanket purchase agreement gives other federal agencies the ability to deploy Cornerstone's SaaS solution in their organizations.
The US Office of Personnel Management predicts that 241,000 federal employees will retire by the end of fiscal year 2012 and that one out of every three federal employees will retire by 2018. With this in mind, the HRCPO felt it was critical to be more proactive when it comes to addressing talent gaps, developing leadership pipelines and retaining top performing employees across federal agencies. Using Cornerstone's solution will allow the HRCPO to collect and provide better intelligence about the organization's large, geographically distributed employee base, in turn helping agencies to make smarter, more strategic decisions about its people and be better prepared for the workforce changes ahead.
The HRCPO chose Cornerstone's SaaS solution for its intuitive interface, ease of configuration and system flexibility. Migrating to the Cornerstone solution is expected to result in process efficiencies for the Treasury's customers.
"We are pleased to help bring talent management best practices to the federal sector. Talent management technology, and SaaS solutions in particular, can play a transformative role in helping federal agencies to streamline their talent processes," said Adam Miller, president and CEO of Cornerstone OnDemand. "The U.S. Treasury's investment in our software and integration of key talent processes marks a real paradigm shift, particularly at a time when traditional HR strategies and legacy ERP solutions are no longer sufficient to empower people and drive results."
For more information about Cornerstone OnDemand, visit www.cornerstoneondemand.com. To follow Cornerstone OnDemand on Twitter, go to http://twitter.com/cornerstoneinc. To read Cornerstone OnDemand's talent management blog, visit http://www.cornerstoneondemand.com/blog.
About Cornerstone OnDemand
Cornerstone OnDemand is a leading global provider of a comprehensive learning and talent management solution delivered as software-as-a-service (SaaS). We enable organizations to meet the challenges they face in empowering their people and maximizing the productivity of their human capital. Our solution consists of five integrated platforms for learning management, enterprise social networking, performance management, succession planning and extended enterprise. Our clients use our solution to develop employees throughout their careers, engage all employees effectively, improve business execution, cultivate future leaders and integrate with their external networks of customers, vendors and distributors. We currently empower more than 6 million users across 176 countries and in 28 languages.
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