CALGARY and NEW YORK, April 20, 2021 – Calgary-based Absorb LMS—recognized globally as one of the fastest growing, industry-leading providers of cloud-based learning and performance management software to businesses, higher education, government and non-profit agencies around the world—today announced its acquisition by Welsh, Carson, Anderson & Stowe (WCAS). The investment achieves a greater than US$500 million valuation for the software company.
A100 member Mike Owens, Founder and CEO of Absorb, along with other members of management will remain substantial shareholders in the Company.
Absorb is a rapidly growing provider of cloud-based Learning Management System (LMS) software serving more than 23 million users across 1,400 global clients in 34 countries. Absorb’s platform is designed to set new standards in both eLearning software and support. WCAS’s acquisition of Absorb aligns well with the firm’s long history of investing in market-leading technology and growth-oriented companies, given Absorb has won several industry awards and consistently achieved >30% bookings growth.
This acquisition builds on Absorb’s market leadership and outstanding history of innovative product expansion, including the 2019 release of Absorb Infuse, delivering contextual learning experience in the flow of work, the 2020 release of Absorb Create, an intuitive course authoring tool and the 2021 release of Absorb Intelligence, a suite of artificial intelligence tools to enrich and simplify the learner experience.
“The current market demand and long-term outlook for best-of-breed eLearning solutions is extraordinary, and Absorb is proud to be leading the pack,” says Mike. “This new investment speaks volumes to the increasing value of Absorb’s platform. I’m thrilled about the momentum we established with our initial investment from Silversmith, and this new partnership with WCAS will accelerate our growth and fuel innovation as we invest heavily in our product and drive expansion throughout the entire organization.”
“Absorb is led by a strong management team with a highly differentiated LMS platform that has been changing the way organizations deploy training and engagement with both internal and external stakeholders,” says Ryan Harper, General Partner of WCAS. “We believe the Company is uniquely positioned to continue its rapid market share capture and product leadership to establish Absorb as the clear next generation leader in LMS.”
About Absorb Software
Absorb Software is a learning technology company based in Calgary, Alberta, with global offices in London, Dublin, Shanghai, Sydney, Boston, and Tampa. Absorb LMS, the company’s flagship product, is an industry-leading and award-winning Learning Management System trusted by businesses, governments, healthcare providers, educators and non-profit organizations around the world. The company’s line of results-driven eLearning products also includes Absorb Infuse, the first true in-the-flow learning experience, and Absorb Create, a cloud-based course builder offered as both a standalone product and a seamless Absorb LMS integration. For more information, please visit www.absorblms.com.