Welsh, Carson, Anderson & Stowe Completes Acquisition of Absorb Software

ABSORB NAMES NEW BOARD OF DIRECTORS TO LEAD VISION FOR NEXT PHASE OF GROWTH

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Jun 01, 2021, 07:30 ET

CALGARY and NEW YORK, June 1, 2021 /PRNewswire/ -- Welsh, Carson, Anderson & Stowe ("WCAS"), a leading technology-focused private equity firm, has closed its previously announced transaction to acquire Absorb Software ("Absorb"), an industry-leading provider of cloud-based learning and performance management software. Absorb has appointed new members to the Board of Directors ("Board") to lead vision for its next phase of growth.

The organization will continue to be led by Mike Owens, CEO, as well as the current tenured team of senior leaders. Former WCAS Operating Partner, ADP senior executive and CEO of Frontline Education, Tim Clifford will serve as Executive Chairman with Mike Owens, Kimberly Williams, Mike Donovan, Ryan Harper and Jennifer Ding serving as members of the Board.

Tim Clifford brings over 30 years of human capital management and education technology leadership experience to Absorb. Tim was most recently a WCAS Operating Partner and President and CEO of Frontline Education, a leader in school administration software. Previously, he was a senior executive at Automatic Data Processing ("ADP") and the Co-Founder and CEO of Workscape, one of the first web-based HR software providers, which was ultimately acquired by ADP. He received his Bachelor of Science from Northeastern University.

Kimberly Williams brings over 20 years of senior leadership experience across a variety of technology companies to Absorb. Kimberly is currently the Chairperson of the Board and CEO for Intoxalock and a Board Member for TrueCommerce. Prior to Intoxalock, Kimberly served as the COO of Retrofit and led the McDonalds subsidiaries Restaurant Technology Services and Application Development International. After completing her M.B.A from University of Chicago, Booth, she worked for Boston Consulting Group as a Strategy Consultant and Team Lead. She received her B.B.A. from the University of Michigan.

Mike Owens, Absorb's Chief Executive Officer, said, "The investment from WCAS and partnership with our new appointed board members will enable Absorb to hit new heights as they lead us through this next phase of growth. We are thrilled to be guided by such outstanding industry expertise, and we look forward to achieving accelerated growth, innovation and development as we solidify our position as the leader in next generation learning technology."

About Welsh, Carson, Anderson & Stowe

WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

About Absorb Software

Absorb Software is a learning technology company based in Calgary, Alberta, Canada, 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.

Contacts:

WCAS
Jon Rather
212-893-9570
[email protected]

ABSORB
Jill Adams
617-721-9069
[email protected]

SOURCE Welsh, Carson, Anderson & Stowe