13 Mar 2012

NZ-based Sonar 6 bought by US software giant

1:30 pm on 13 March 2012

An Auckland-based HR software company has been snapped up by an American software giant for $US14 million.

Sonar 6, whose investors include Trade Me founder Sam Morgan, sells cloud-based talent management solutions to small and medium- sized businesses.

It has been bought by the Nasdaq-listed Cornerstone On Demand, which makes a similar product for larger companies.

Sonar 6, which was founded in 2006, was last year named as one of New Zealand's fastest-growing companies in Deloittes' Fast 50 list.

Its co-founder and chief executive Mike Carden says the acquisition gives the firm access to more resources, which will help it to expand even faster.

He says most of Sonar 6's business already comes from North America, and it has customers in about 30 countries.

Mr Carden will remain with the company, heading up Cornerstone's newly created small business division.

The business and staff will remain in New Zealand, he says.