Absorb Software Inc., a Canadian provider of cloud-based learning and performance management software for corporations, higher education and governmental institutions, has announced the close of a new $59 million funding round. The latest round led by Boston-based growth equity firm Silversmith Capital Partners marks the four-year-old company’s first institutional capital raise as it seeks to build out its flagship product and expand geographically.
Founded in 2003, Absorb Software currently lists 600 clients, serving over 2.5 million learners each month and employing approximately 140 people at its headquarters in Calgary, Alberta and its subsidiary in Dublin, Ireland. The learning technology company’s learning management system, Absorb LMS, centers around an “intuitive user experience and a highly configurable, brand-specific interface,” which offers administrative, course builder and reporting tools to its stakeholders.
The new funding will be used to expand Absorb’s flagship LMS product, seeking to improve training, retention and management for both internal employees and external stakeholders including customers, channel partners, franchisees and membership associations. While Absorb has tripled its workforce in just two years, the company plans to bolster its talent acquisition initiatives across all segments.
Silversmith is confident in its ability to help Absorb power into its next phase of growth as it builds out its “rapidly growing customer base of blue chip clients” with an “experienced team, scalable SaaS platform and relentless customer focus,” according to Jim Quagliaroli, Managing Partner of Silversmith.
“In the highly competitive corporate LMS market, Absorb has rapidly scaled revenue and profits, without having ever raised outside capital,” said Marc Munfa, a Principal of Silversmith. “We are excited to partner with Absorb as its first institutional investor, and look forward to supporting the company's market-leading position."