GeoLearning Announces 92% Growth and 11% Profit
GeoLearning, Inc., the largest Application Service Provider (ASP) of enterprise learning management systems and e-learning content, announced today that year-to-date revenues for the nine months ended September 30, 2003 increased 92% over the same period in 2002.
The company has also achieved a net profit margin of 11% through the first three quarters of 2003.GeoLearning acquired nine significant LMS contracts in the third quarter, including five new corporate clients, three new U.S. federal government agencies, plus the Ministry of Defense in Singapore. The company also reinforced its enviable 96% customer retention rate by renewing contracts or significantly expanding business with seven U.S. federal government agencies and 11 existing corporate clients, including Cobalt Group, National City Mortgage, Boeing Employees’ Credit Union, Berlitz Languages, VWR International, US Oncology and SITEL Corporation.
GeoLearning also announced that it would be opening a sales and technical services office in Washington, DC at 1700 Pennsylvania Avenue in the fourth quarter. The office will house approximately 12 new employees in sales, project management, technical services and IT, greatly expanding services to the Mid-Atlantic and Northeast United States. The company also opened a sales office in Indianapolis, IN at the end of October.
Other third quarter highlights at GeoLearning include:
- The release of version 4.2 of its GeoMaestro™ enterprise Learning Management System (LMS) to comply with the most recent AICC and SCORM standards. Version 4.2 also features several enhanced enterprise productivity tools, including LCMS, classroom scheduling, competency management, 360-degree feedback, training analytics and Web-based ad hoc reporting.
- The simultaneous release of version 4.09 of its Learning Content Management System (LCMS) with enhanced authoring and adaptive learning capabilities, a superior content extraction tool, and the ability to better leverage reusable SCORM-compliant content.
- The release of its GeoAnalytics learning measurement and benchmarking system
in partnership with KnowledgeAdvisors.
- A strategic marketing alliance with Harvard Business School Publishing to host and resell HBSP’s e-learning programs and the Harvard ManageMentor® PLUS desktop reference tool.