Lehi’s Torch LMS has been purchased by Calgary, Alberta-based Absorb Software. Absorb said that a recent strategic investment by Boston’s Silversmith Capital Partners has allowed the company to make the Torch acquisition, the first of an anticipated several as the company expands beyond organic growth.
“There is a growing demand for best-of-class learning technology. According to a comprehensive 2019 industry report, the corporate learning market is expected to see explosive growth, from $9.2 billion in 2018 to $22.4 billion by 2023,” Absorb said in a press statement. “The Absorb acquisition of Torch will better position the company to capitalize on this e-learning 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.”
“Torch has always strived to delight customers with an intuitive, business-focused learning management system,” said Jake White, founder and CEO of Torch. “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.”