The e-Learning Company announces 60% revenue growth in the first six months of 2021 as demand for e-learning surges in Romania
Bucharest, 6 august 2021 – The e-Learning Company, the most important provider of e-learning content for private organizations in Romania and part of the Bittnet Group, announces a turnover of 1.49 million lei in the first six months of 2021, a 60% increase compared to the same period last year and a net profit of 363,000 lei, 50% higher than the first half of 2020. The Romanian entrepreneurial company expects to reach a turnover of 3 million lei and a net profit of 1 million lei by the end of this year due to the increasing demand for e-learning services on the local market.
“From the three scenarios that we have considered, pessimistic, realistic, and optimistic, the half-year results are in line with the optimistic scenario. The increase of over 50% in turnover was generated not only by the pandemic context but also by the fact that in our SkillSoft library of courses is a lot of content in the Romanian language, which is in demand. Compared to 2019, when in the library were 230-course modules, in June 2021, there were over 600 modules available. We will not stop here as we want to reach approximately 700 modules by the end of the year. In addition, our solution, iKnowLMS is the most used Romanian platform in the corporate environment, reaching over 53,000 active users. We expect that in 2022 we will have over 75,000 active users of the iKnowLMS platform. At the beginning of July 2021, we launched the Docentix.com service, a B2C solution that works on a subscription system and includes Skillsoft courses for end-users. Through this service, we want to bring the Netflix experience also in the learning sector,” stated Adrian Calin, Managing Partner, The e-Learning Company.
The e-Learning Company provides online courses in Romanian and English languages from SkillSoft, the largest e-learning provider globally, through its platform iKnowLMS and Skillsoft’s Percipio platform. The courses are also delivered in SCORM format on other Learning Management System (LMS) platforms. All courses are structured in several directions covering personal and professional development, communication, sales and negotiation, marketing, human resources, project management, Digital Transformation, Microsoft Office, finance, English language. The solutions provided by The e-Learning Company are used by globally recognized companies that are active in the energy, banking, telecommunications, or construction sectors.
The increase in turnover and profit recorded in the first six months of 2021 is due to the context generated by the COVID-19 pandemic, but the foundation of these results was created in 2019, when the company decided to invest in located video content from SkillSoft, in the Romanian language. In the first semester of 2021, requests for e-learning solutions were also influenced by the new paradigm that online courses focusing on the student are beneficial for the learning process. This change in perception will have a long-term impact, and online courses will become a ubiquitous tool in the training process of any company. In this way, in the future, employees will be more efficient, versatile, and better prepared for the rapid changes that are taking place nowadays.
In 2019 and 2020, digital transformation courses were the most requested ones, and The e-Learning Company added over 50 new, related titles to the course library. In 2021, the topics are increasingly focusing on issues related to diversity and inclusion. The e-Learning Company estimates that by the end of the third quarter will have included in the library approximately 25 courses on these topics. The objective is that by the end of the year, the library will include all courses developed by Skillsoft on diversity and inclusion.
In February 2021, Bittnet Group (BNET), a local integrator of IT&C solutions and training services, announced its entry into The e-Learning Company shareholding by acquiring a 23% stake in the company.
“By investing in The e-Learning Company, our objective was to generate new projects that would increase Bittnet Group’s revenue sources in the future. Thus, the growth that The e-Learning Company registers for the first semester of 2021 is not a surprise. When we decided to invest in the company, we expected that with the acceleration of digital transformation, e-learning services will be increasingly demanded. The course modules provided by The e-Learning Company offer quality content, and the iKnowLMS platform is easy to use by any client. The company has a competitive advantage since it has exclusivity on SkillSoft content in the Romanian language, the largest e-learning provider in the world,” stated Cristian Logofatu, member of the Board of Directors of The e-Learning Company and co-founder of Bittnet Group.
For the first quarter of 2022, The e-Learning Company plans to gradually launch a new version of the iKnowLMS platform to clients. The changes aim to adapt it to the new paradigm because each student has particular needs, and the data must be easy to view and interpret by the HR departments.
About The e-Learning Company
The e-learning Company is the most important provider of e-learning content for private organizations in Romania. The e-Learning Company team has been a partner of SkillSoft in Romania since 2007, during which time tens of thousands of students used the e-learning solutions created or distributed by the company. The e-Learning Company offers complete e-learning solutions, such as online courses in English from SkillSoft, localized courses in Romanian from SkillSoft, the Learning Management System (iKnowLMS) platform, and consultancy in the implementation of e-learning solutions.