Absorb Software, a Calgary, Canada-based provider of cloud learning and performance management software for corporations and higher education institutions, raised $59m in funding.
The round was led by Silversmith Capital Partners.
The company intends to use the funds to accelerate development of its innovative flagship product, Absorb LMS, to increase hiring across all departments and further expand its geographic presence.
Founded in 2003 by Mike Owens, CEO and President, Absorb Software provides cloud-based learning and performance management software for corporations and higher education institutions. Its learning management system (LMS) enables learning and development teams to train, retain, and manage both internal employees and external stakeholders such as customers, channel partners, franchisees, and membership associations. It centers around an intuitive user experience and a configurable, brand-specific interface, offering administrative, course builder, and reporting tools to its stakeholders.
The company serves over 2.5 million learners each month across 600 global customers, and has a workforce of approximately 140 employees in Calgary and a subsidiary in Dublin, Ireland.