The e-Learning Company, the largest e-learning content provider 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, an increase of 60% compared to the same last year and a net profit of 363,000 lei, 50% more than in the first half of 2020. The Romanian entrepreneurial company expects to reach a turnover of 3 million lei lei and a net profit of 1 million lei by the end of this year due to the growing demand for e-learning services in the local market.
“Based on the three scenarios we have considered, pessimistic, realistic and optimistic, the half-year results are in line with the optimistic scenario. The more than 50% increase in turnover was generated not only by the pandemic context but also by the fact that in our SkillSoft course library there is a lot of Romanian language content, which is in demand. . Compared to 2019, when the library had 230 course modules, as of June 2021 there were over 600 modules available. We won’t stop there as we want to reach around 700 modules by the end of the year. In addition, our solution, iKnowLMS is the most widely used Romanian platform in the corporate environment, reaching over 53,000 active users. We predict that by 2022 we will have over 75,000 active users of the iKnowLMS platform. In early July 2021, we launched the Docentix.com service, a B2C solution that runs on a subscription system and includes Skillsoft courses for end users. Through this service we want to bring the Netflix experience also to the learning sector.Said Adrian Calin, Managing Partner, The e-Learning Company.
The e-learning company offers e-learning courses in Romanian and English from SkillSoft, the world’s largest e-learning provider, through its iKnowLMS platform and Skillsoft’s Percipio platform. Classes 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 offered by The e-Learning Company are used by globally recognized companies 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 basis for these results was created in 2019, when the company has decided to invest in localized video content from SkillSoft. , in Romanian. In the first semester of 2021, demands for e-learning solutions were also influenced by the new paradigm that student-centered online courses are beneficial to the learning process. This shift in perception will have a long-term impact, and online courses will become a ubiquitous tool in the training process of any business. In this way, in the future, employees will be more efficient, versatile and better prepared for the rapid changes taking place today.
In 2019 and 2020, digital transformation courses were the most in-demand, and The e-Learning Company added over 50 new related titles to the course library. In 2021, topics increasingly focus 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 subjects. The goal 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 shareholding of The e-Learning Company by acquiring a 23% stake in the company.
“By investing in The e-Learning Company, our aim was to generate new projects that would increase the revenue sources of the Bittnet Group in the future. Thus, the growth that The e-Learning Company records for the first half 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 would be more and more in demand. The course modules provided by The e-Learning Company offer quality content, and the iKnowLMS platform is easy to use by any customer. The company has a competitive advantage since it has the exclusivity on SkillSoft content in Romanian language, the largest e-learning provider in the world,”Said Cristian Logofatu, board member 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 customers. The changes aim to adapt it to the new paradigm as each student has specific needs, and the data must be easy to visualize and interpret by HR departments.