EDINBURGH, Scotland, February 2, 2015 /PRNewswire/ --
- SaaS specialist for training providers eyes global reach and rise of LMS and eLearning
Administrate, a software as a service (SaaS) solution for training providers worldwide, has secured £577,000 in funding from Scottish angel group Archangels and the Scottish Investment Bank as it prepares for its next phase of growth. The funding, which will be used to support product development and sales and marketing, comes as the Learning Management System (LMS) and online learning segments of the training market are experiencing significant global expansion.
While the overall global market for training services is estimated at almost £200 billion according to TrainingIndustry.com , LMS and eLearning are the fastest-growing market segments and fit squarely within Administrate's product offering. The LMS and eLearning markets are expected to reach almost £5 billion and £70 billion respectively by the end of 2015.
Administrate is an affordable, online training management solution that saves training providers time and money by automating the workflow required to deliver education. Training departments and training companies use Administrate to save time, increase course bookings, manage their operations, gain operational visibility and deliver exceptional eLearning.
While approximately half of Administrate's revenues come from the UK, North America and the Rest of the World account for roughly 25 per cent each and are the fastest-growing regions. Administrate's customers include a growing number of blue chip multinational companies including PwC, Elsevier, Scania, Becker and learndirect, the UK's largest provider of skills, training and employment services. The Administrate team see North America as a significant growth opportunity in 2015 and have identified longer term opportunities in developing markets such as Africa, Asia, and South America.
John Peebles, CEO of Administrate, said: "Training has never been more important to employers and individuals and as expectations around the quality of education rise and the delivery of training increasingly shifts online our software becomes a must-have for any organization committed to providing a holistic training experience. Education is rapidly and fundamentally changing and we're excited to help position our customers at the forefront of this transformation."
John Waddell, Chief Executive of Archangel Investors Limited said, "It is very satisfying to see the progress made by Administrate since we first invested in 2010. We are looking forward to seeing the team at Administrate seize the opportunity represented by the significant global expansion of the training market and take the company to the next level."
Kerry Sharp, Head of the Scottish Investment Bank, said: "Internationalisation plays a key role if Scotland is to realise its true growth potential. That's why we help and support ambitious companies such as Administrate to open up and grow new and existing markets overseas. Administrate is a forward thinking, innovative company and we will continue to work with John and the rest of his leadership team to support their long-term growth ambition."
- Administrate currently employs 15 people at its headquarters at CodeBase in Edinburgh. The company has previously raised over £1.4 million from investors Archangel, TRI Cap and the Scottish Co-Investment Fund.
- The Administrate training management solution includes three products:
- CORE: Training Management System - designed to handle all administrative tasks and save tons of time. Administrate customers use the core system to run their entire business or internal training department.
- LMS: Learning Management System - a highly ranked, mobile friendly, SCORM compliant eLearning system.
- WEB: Website Integration - turn any website into a course booking and registration machine. Accept payments, make your website SEO friendly, and automatically update course listings.
- Archangels is a prominent business angel syndicate which has been at the forefront of early stage investing in Scotland for more than two decades. Our members invest in and mentor promising start-up and early stage companies from Scotland's vibrant technology and life sciences sectors.
- The Scottish Investment Bank is the investment arm of Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise. It manages a suite of funds including the Scottish Co-investment Fund and the Scottish Venture Fund, which are partly funded by the European Regional Development Fund (ERDF); the Scottish Seed Fund, the Scottish Recycling Fund and the Renewable Energy Investment Fund. SIB is also the cornerstone investor in the privately-managed Scottish Loan Fund and an investor in Epidarex Capital's life sciences fund. These support Scotland's SME funding market to ensure businesses with growth and export potential have adequate access to capital. SIB also provides a team of financial readiness specialists to help companies prepare for new investment and more easily access finance.
Originally released via PRNewswire: http://www.prnewswire.com/news-releases/administrate-secures-funding-for-next-phase-of-growth-290517651.html
For further information: Nick Freer, Mobile: +44(0)7841-571-871, firstname.lastname@example.org