New York City-headquartered private equity firm Welsh, Carson, Anderson & Stowe (WCAS) has acquired Calgary-based Absorb Software, provider of the Absorb learning management system.
Absorb Software will continue to be led by chief executive Mike Owens and the current senior leaders.
Tim Clifford becomes executive chairman. He has more than 30 years’ human capital management and ed tech leadership experience and was most recently a WCAS operating partner and president and chief executive of school administration software company Frontline Education. Before that, he was a senior executive at Automatic Data Processing (ADP) and the co-founder and chief executive of Workscape, a web-based HR software provider, which was ultimately acquired by ADP.
Owens 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.”
Date published: 4 June 2021