Spending on corporate training grew dramatically last year to $70 billion in the U.S. and $130 billion worldwide according to Bersin by Deloitte. What's more, the market for learning management systems (LMS) is more than $2 billion and continues to be one of the fast HR software segments. As you might imagine, there are some disruptive forces in this landscape - including Mindflash.
Last year the solution was used by over one thousand businesses in 2013 to deliver 1 million online training courses -- a 3x improvement over 2012 -- and the company is on pace to deliver 2 million courses in 2014.
Mindflash tripled average revenue per new customer in 2013, in part due to a decision to concentrate more on selling to Fortune 1000 companies. Though Mindflash continues serving mid-market companies and grew this aspect of its business last year, the company's management choices since 2012 have been made with an eye toward adding more enterprise-class features to its platform. The shift paid dividends immediately: In 2013, Mindflash was used by global brands like Hilton, Intuit, Johnson & Johnson, McDonalds, Philips and Siemens to train hundreds of thousands of workers.
It's unlikely that Mindflashs's success is due exclusively to their focus on enterprise customers. The product itself is quite robust, offering cloud-based analytics so trainers can measure course effectiveness and business impact. Mindflash also offers a really interesting feature called FocusAssist, developed in partnership with computer-vision start-up Sension, that pauses an online training session when trainees are distracted. Mindflash also offers several other good features including single-sign-on, mobile training, custom certifications and the ability for its clients to sell courses.
"Macroeconomic trends continued to drive up corporate training activity in 2013," said Donna Wells, CEO at Mindflash. "We're seeing companies increase training for New Economy positions, and companies are ramping-up training to meet growing regulatory and compliance requirements. This training is increasingly delivered online to meet the needs of a highly distributed and mobile workforce. Cloud-based software like Mindflash provides a secure and scalable online platform for training, without the expense of building and maintaining proprietary learning management systems."