DENVER--(BUSINESS WIRE)--AbsenceSoft, the market-leading cloud provider for Total Absence Management to help employers efficiently and cost-effectively manage the myriad of federal and state leave laws, today announced its best-ever financial results and sales bookings in Q1, 2020. The company’s achievements were anchored by significant new customer wins across multiple business sectors, along with broad adoption with third-party administrators (TPAs). The company’s comprehensive software capabilities are designed to enable all sizes of companies to better serve employees and their families.
AbsenceSoft has seen strong growth due to the increased need in the market to reduce risk, save time, and stay compliant while taking better care of their employees. Keeping valuable employees is now mission-critical for companies around the world, and helping them work through all the regulations and leave possibilities during a difficult time creates more loyalty and less employee turnover.
AbsenceSoft growth and momentum this quarter is highlighted below:
- Total booking increased 223% year over year
- ARR/Revenues increased 95% year over year
- Headcount increased 68% year over year
- Closed significant, additional growth capital from Bow River Capital
- Moved into a new headquarters office
“I’m extremely pleased with our results in Q1, 2020, and we’re committed to making significant, additional investments in R & D to support our product roadmap strategies,” stated John Huettel, President and CEO of AbsenceSoft. “While we’re focused on our families, staff, and community during the COVID-19 crisis, multiple compelling factors indicate 2020 will be a fantastic year rolling-out new product enhancements and achieving record-breaking financial performance.”
AbsenceSoft is the market-leading cloud-based Total Absence Management platform. The company has one simple goal, to create the best-in-class software to manage FMLA, ADA, and other forms of leave absence easily, efficiently, and cost-effectively. AbsenceTracker™, its core product, enables companies from major Fortune 500 firms to mid-enterprise organizations to increase compliance, reduce costs, and improve productivity.