Absorb Software, provider of the Absorb Learning Management System (LMS) and the newly introduced Absorb Infuse, has acquired Torch LMS, a Utah-based SaaS LMS provider. The Torch acquisition is the first of what the company anticipates will be several future acquisitions, as Absorb expands beyond organic growth and further leverages its strategic investment from Silversmith Capital Partners.
There is a growing demand for best-of-class learning technology. The corporate learning market is expected to see explosive growth, from $9.2 billion in 2018 to $22.4 billion by 2023. Major LMS market drivers are increased adoption of digital learning, growing prevalence of Bring Your Own Device (BYOD) policies and enterprise mobility, and extensive government initiatives, all of which are increasing the significance of eLearning in corporate and academic setups. The Absorb acquisition of Torch will better position the company to capitalize on this eLearning explosion.
“Our profitable, organic growth history and strong financial backing empowers us to capitalize on opportunities where they occur. Acquiring Torch LMS is just one example of how we are expanding the reach of our world-class learning technology to a broader universe of customers,” said Absorb CEO, Mike Owens. “We welcome Torch employees and customers to the Absorb family.”
This sentiment was echoed by Jake White, Founder and CEO of Torch LMS, “Torch has always strived to delight customers with an intuitive, business-focused learning management system. We are absolutely delivering on this promise by joining Absorb. Our customers will reap the benefits of its world-class technology and service, and we couldn’t be more pleased.”
From skill gaps and a changing workforce, to employee retention, channel education and compliance, Absorb offers deep and flexible learning solutions to address these modern workforce challenges. The company looks forward to bringing these benefits to Torch customers.