In a new funding round, led by top-tier firm Meritech Capital Partners and including existing investors - Bessemer Venture Partners and Bay Partners - Cornerstone OnDemand INC has managed to raise $12,700,000. And, the grim capital market conditions notwithstanding, the financing was done at a premium compared to previous rounds.

Cornerstone, a pioneer in on-demand, integrated learning and talent management software and services, would be using the added funding towards the end of seizing a large part of the market share from competitors by improving its service offerings, as well as accelerating its ongoing efforts for hard line business and financial growth.

Thanks to its software and services for connecting, developing and performing in the workplace, Cornerstone has managed to remain among brisk growth and profitability despite the widespread economic crisis. With its highly impressive financial results and an almost 70 percent growth of its client base, Cornerstone ranks among North America's fastest growing companies.

Talking about the recently-raised added funding, Adam Miller, Cornerstone President and CEO, said: "Even though we had considerable cash reserves from our prior round and another cash flow positive quarter at the close of 2008, Cornerstone believes this period of extreme global macroeconomic volatility will create significant opportunities for us to capture additional market share from our competitors. We wanted to have the flexibility to be opportunistic."