GeoLearning Announces 106% Revenue Growth for Q1 2004
GeoLearning, Inc., the leading provider of ASP-hosted human capital management and development (HCMD) solutions, announced today that first-quarter revenues for the three months ending March 31, 2004 have increased 106% over the same period ended March 31, 2003. The company also achieved a net profit margin approaching 10% on first quarter revenues.
“The continued success of our business strategy can be attributed to the economic and operational appeal of our full-service, full-responsibility approach to the ASP hosting model,” said Frank Russell, president and CEO of GeoLearning. “An ever-increasing number of organizations see GeoLearning’s hosted platform as a smarter, cost-effective alternative to the hidden costs, high failure rates, unacceptable risks and protracted implementations of old-world learning management software. The effectiveness of our solutions has helped GeoLearning expand business with existing clients, acquired significant new contracts and unseat incumbent LMS software providers, many of whom are still unable to reach profitability.”
Other first quarter highlights at GeoLearning include:
- Awarded a 5-year contract valued at approximately $7 million by the U.S. Office of Personnel Management (OPM) to provide Internet hosting and security services for the federal government’s Electronic Human Resources Integration (EHRI) initiative and related Web-based human capital performance tools. The initiative will be hosted at GeoLearning’s new state-of-the-art Internet Data Center in Ashburn, VA.
- Achieved a perfect 100% renewal rate during the quarter for existing customers operating on enterprise platforms.
- Opened a new sales and technical services office in Washington, DC that houses new employees in sales, project management, technical services and IT positions.
- Inked new reseller agreements with Think Enterprise Solutions to represent GeoLearning in Germany and 10 other European countries, and with Dopp Consultores to represent GeoLearning in Spain.
- Entered into new strategic marketing alliances to host and resell Six Sigma courseware from Breakthrough Management Group (BMG), InfoSource’s How To Master library of desktop and IT skills courseware, and Novations Group’s Human Performance Library. These new partnerships bring the total number of e-learning courses available on the GeoLearning HCMD platform to more than 15,000.
GeoLearning is the leading provider of ASP-hosted human capital management and development (HCMD) solutions, having been chosen by more than 300 organizations around the world to manage learning and development. The company’s GeoMaestro™ and GeoExpress™ learning management platforms offer robust registration, tracking and reporting functionality crucial for managing enterprise-wide learning, development and knowledge acquisition. With no hardware or software to install, GeoLearning’s ASP-hosted platforms can be deployed quickly, allowing clients to efficiently manage human capital development, accelerate critical business processes, and drive organizational performance. Additional information is available at www.geolearning.com.