Profitable SaaS Platform Eclipses $50 Million in Annual Recurring Revenue, Increases New Sales by 30%, and Sets Plans to Fuel Continued Customer Success and Growth in 2021
CALGARY, AB, Jan. 11, 2021 /CNW/ — Absorb Software, provider of the industry-leading Absorb Learning Management System (LMS), today announced record company growth in 2020. In a year when eLearning solutions became a necessity for businesses around the world, the profitable company reinforced its leadership position in the market through increased customer traction and new product offerings. Absorb achieved the milestone of $50 million in annual recurring revenue, grew its global enterprise customer base by over 167% year-over-year, saw significant increases in both new sales and customers, and introduced the industry’s only true all-in-one eLearning platform for enterprises.
“While companies across the globe were tested on how to be responsive and productive by the new remote work environment that COVID-19 brought, Absorb’s LMS system was embraced by thousands of organizations worldwide to ensure their employees, customers, and their extended enterprise had an agile cloud-based eLearning solution that allowed them to adapt, evolve and most importantly, continue to learn in-the-flow of work,” said Mike Owens, Absorb’s CEO. “This speaks volumes to the increasing value of Absorb’s platform as companies recognize the importance of providing both their employees and their entire ecosystem with the learning opportunities they need to stay relevant and thrive in all work situations.”
Additional key company milestones included:
- Grew users to 23.5 million worldwide across a broad set of industries including financial services, technology, healthcare, and retail
- Achieved record increase in customer growth with active users up 58%
- Grew customer base to 1,400 companies in 34 countries; saw 525% growth in regions outside of North America
- Launched a new AI-powered feature, Absorb Pinpoint, designed to help users carve a direct path to instantly find the specific content they need, even if it is embedded in the middle of a video lesson
- Introduced the most holistic, end-to-end LMS solution in the industry following the completion of its fourth acquisition, Koantic, a cloud-based authoring solution. Koantic was fully integrated into the Absorb LMS and launched as Absorb Create, as well as established as a stand-alone product
- Launched a new accelerated implementation offering called Quick Start to get customers up and running on Absorb LMS in hours – not weeks
- Helped customers meet specific pandemic needs regarding flexibility and agility by quickly launching integrations with Zoom and bringing a new accelerated course building offering to the market called Quick Content
- Continued to enhance core product features including a refresh to its award-winning Administrator Dashboards, and adding Observation Checklists, and eSignature
- Implemented deep, turnkey integrations with leading content libraries, web services and apps including Salesforce, Zoom, Skillsoft, LinkedIn and ClearCompany
- Launched a new brand position and tag line – Learn Everywhere – that reinforces the concept that learning is core to the most critical business initiatives
- Saw significant growth across the Extended Enterprise solutions, increasing customers of scale that have expanded Absorb LMS usage across their entire workforce
In addition, Absorb Software received 19 awards from notable technology award organizations in 2020, including PC Magazine’s Editor’s Choice Award, Training Industry’s top 20 Learning Portal/LMS, Brandon Hall award for Excellence in Best Customer Training, eLearning Industry Best LMS System, Capterra Top 20 User Friendly LMS, G2 Easiest to Use, G2 Momentum Leader and G2 Easiest Admin.