Shares of the cloud computing firm Cornerstone OnDemand (CSOD) - Get Report were surging over 12% in Thursday afternoon trading after Bloomberg reported that the company has hired bankers from Centerview Partners LLC and Goldman Sachs Group to review strategic options.

Both Centerview Partners and Goldman Sachs are looking to engage possible buyers while providing advice to Cornerstone on how to defend itself from activist investor Praesidium Investment Management, which has previously pushed for a sale of the company.

Shares of Cornerstone OnDemand are lower over 7.5% year-to-date.

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