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 Q2, 2020. The company’s achievements were anchored by landing two significant new accounts, a Fortune 50 customer and a large, national healthcare organization, as well as many implementation successes across multiple business sectors. The company’s comprehensive software capabilities are designed to enable all sizes of companies to better serve employees and their families.
The need for Total Absence Management continues to increase. The risk of non-compliance has been growing, with lawsuits increasing by 200% over the last few years. Audits and subsequent fines are also increasing in quantity and scope. Employee leave requests, while already high at 10-30% of all employees, are dramatically increasing during these very stressful and uncertain times.
On top of these issues, the COVID pandemic has increased the need to tightly manage their leave processes. In April and May alone, the government issued over 100 new leave policies, creating even more complexity.
AbsenceSoft growth and momentum this quarter is highlighted below:
- Total bookings increased tenfold year over year
- ARR/Revenues increased 117% year over year
- 100 new COVID policies were analyzed and implemented for our customers that met the strict and short government timelines
- Over 20 implementations went live across Healthcare, TPAs, and direct employers
“Our team has pulled together during a very stressful time to deliver the best quarter in company history. Throughout the stay at home orders and virtual environment, we have hired and onboarded great talent in all departments to help our clients in this difficult time,” stated John Huettel, President and CEO of AbsenceSoft. “We have built a great foundation for continued growth and future expansion of our market leadership position.”
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 stay compliant, reduce risk, and save time.