BeanCreationException: Error creating bean with name 'sessionFactory'

Im getting the following issue when trying to create session factory.

javax.servlet.ServletException: org.springframework.beans.factory.BeanCreationException: Error creating bean with name 'userDao' defined in class path resource [com/virtusa/ideas/util/spring.xml]: Cannot resolve reference to bean 'sessionFactory' while setting bean property 'factory'; nested exception is org.springframework.beans.factory.BeanCreationException: Error creating bean with name 'sessionFactory' defined in class path resource [com/virtusa/ideas/util/spring.xml]: Invocation of init method failed; nested exception is java.lang.NoClassDefFoundError: Could not initialize class net.sf.cglib.proxy.Enhancer root cause org.springframework.beans.factory.BeanCreationException: Error creating bean with name 'userDao' defined in class path resource [com/virtusa/ideas/util/spring.xml]: Cannot resolve reference to bean 'sessionFactory' while setting bean property 'factory'; nested exception is org.springframework.beans.factory.BeanCreationException: Error creating bean with name 'sessionFactory' defined in class path resource [com/virtusa/ideas/util/spring.xml]: Invocation of init method failed; nested exception is java.lang.NoClassDefFoundError: Could not initialize class net.sf.cglib.proxy.Enhancer root cause org.springframework.beans.factory.BeanCreationException: Error creating bean with name 'sessionFactory' defined in class path resource [com/virtusa/ideas/util/spring.xml]: Invocation of init method failed; nested exception is java.lang.NoClassDefFoundError: Could not initialize class net.sf.cglib.proxy.Enhancer root cause java.lang.NoClassDefFoundError: Could not initialize class net.sf.cglib.proxy.Enhancer

Spring.xml

<beans xmlns="http://www.springframework.org/schema/beans" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:aop="http://www.springframework.org/schema/aop" xsi:schemaLocation="http://www.springframework.org/schema/beans http://www.springframework.org/schema/beans/spring-beans-3.0.xsd" default-autowire="byName">

<!--    <bean id="hibernateTemplate" class="org.springframework.orm.hibernate3.HibernateTemplate">
        <property name="sessionFactory" ref="sessionFactory" />
    </bean>-->


    <bean id="userDao"
        class="com.virtusa.ideas.util.HibernateUserDAO">
        <property name="factory" ref="sessionFactory" />
    </bean>


    <bean id="sessionFactory"
        class="org.springframework.orm.hibernate3.LocalSessionFactoryBean">
        <property name="dataSource" ref="dataSource" />
        <property name="mappingResources">
            <list>
                <value>com/virtusa/ideas/entity/User.hbm.xml</value>
            </list>
        </property>
        <property name="hibernateProperties">
<!--            <props>
                <prop key="hibernate.dialect">
        org.hibernate.dialect.MySQLDialect
                </prop>
            </props>-->
             <value> 
                hibernate.dialect=org.hibernate.dialect.MySQLDialect
            </value> 
        </property>
    </bean>


    <bean id="dataSource"
        class="org.springframework.jdbc.datasource.DriverManagerDataSource">
        <property name="url" value="jdbc:mysql://localhost:3306/ideas" />
        <property name="driverClassName" value="com.mysql.jdbc.Driver" />
        <property name="username" value="root" />
        <property name="password" value="" />
    </bean>

</beans>

Can anyone help please?