DENVER--(BUSINESS WIRE)--AbsenceSoft, the market-leading SaaS provider for total absence management, today announced record breaking results across the board. The company’s software helps employers efficiently and cost effectively manage the volume and complexities of federal and state laws, and corporate leave policies. The Bow River Capital SaaS team and proprietary playbook have enabled management to smartly accelerate growth.
The need for compliant leave management software is more apparent than ever. AbsenceSoft has seen a vast uptick in customer growth because the pandemic and the sudden rush of FMLA and ADA requests. HR teams are at their breaking point and are turning to AbsenceSoft to help them implement a better and more efficient leave management process.
AbsenceSoft growth and momentum is featured below:
– Sales bookings through 9/30 have increased by 3 times year over year
– Subscription recurring revenue has increased 104% year over year
– New client go-lives have increased by 50% year over year
– Net retention has reached 109% thorough Q3
– Staff has doubled in engineering, operations, and sales since the onset of Covid-19 to support client and partner demand
“I’m very pleased with our team‘s performance in Q3 and 2020 YTD; notwithstanding the challenging period we are operating through during the Covid-19 pandemic,” stated John Huettel, President and CEO of AbsenceSoft. He further said, “We have successfully implemented a record number of new clients, closed major new client wins, and built a robust sales pipeline to support continued growth of our business for the foreseeable future.”
“John and the entire AbsenceSoft team have done an extraordinary job executing thus far to our 2020 financial goals and strategic growth initiatives,” stated David J. Walters, Director of Bow River Capital’s SaaS growth equity fund and Director at AbsenceSoft. “We are well positioned to continue scaling revenues, bookings, technology investments, and staff.”
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. AbsenceSoft enables companies from major Fortune 500 firms to mid-enterprise organizations to stay compliant, reduce risk, and save time.