Calgary, Alberta (March 19, 2019) – Absorb Software, maker of Absorb Learning Management System (LMS) has successfully completed its AICPA System and Organization Controls (SOC) 2 Type 2 examination for Security and Availability. The independent CPA examination for Absorb was conducted by Schellman & Company, LLC between July 1, 2018 and December 31, 2018. This compliance success is yet another way Absorb is positioning itself for continued growth following the strategic investment of Silversmith Capital.
Commitment to Customer Security
SOC 2 is one of the premier compliances for security and availability—especially in North America. "Successfully completing this SOC 2 Type 2 examination is the yet another way Absorb is demonstrating its deep commitment to customer data security," said Absorb CEO, Mike Owens, "Our dedicated Information Security Officer is forging new ground, and we look forward to announcing additional and significant security certifications as the year unfolds. Each will broaden the value Absorb brings to customers, especially those in regulated industries. Stay tuned."
The SOC 2 examination reports on the security behind highly sensitive transactions. Customers want to be able to trust their data providers with confidential information, and a clean SOC 2 Type 2 examination means companies can depend on their service provider for secure, compliant services. This in turn means less worry for the end customer and less investment on their part in terms of controls. "Adhering to the 157 controls in the SOC 2 Type 2 standard, means that Absorb is more robust in terms of data security than competitors who do not have a SOC 2 report," says Craig Smith, Executive Vice President, Operations. "Having a successful SOC 2 Type 2 examination should give our clients confidence that we are diligent in how we protect their data." Looking ahead, Absorb is proceeding with the SOC 2 Type 2 examination for Confidentiality, which is slated to be completed in 2019.
What is SOC 2 Type 2?
According to the American Institute of CPAs (AICPA):
"SOC for Service Organization engagements are internal control reports on the services provided by an organization providing valuable information that users need to assess and address the risks associated with an outsourced service. SOC 2 provides greater transparency, allowing user organizations to have trust and confidence in the ability of the service organization to carry out its mission. It also allows companies to manage the risk associated with outsourced systems." "In a SOC 2 examination, service organization management engages the CPA to examine and report on system controls relevant to security, availability, processing integrity, confidentiality, or privacy as set forth in the AICPA's trust services criteria." ¹
About Absorb Software
Absorb Software is a learning technology company based in Calgary, Alberta Canada, with subsidiaries in England, Ireland, Australia, China and the United States. The Absorb flagship product, Absorb LMS, is an industry-leading and award-winning Learning Management System for businesses, higher education, government and non-profit agencies around the world. Learn more at www.absorblms.com, or follow the company on LinkedIn, Facebook, or Twitter.
About Silversmith Capital Partners
Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $1.1 billion of capital under management. Silversmith's mission is to partner with and support the best entrepreneurs in growing profitable technology and healthcare companies. The firm seeks to invest $15 million to $75 million per company. Representative investments include ActiveCampaign, Centauri Health Solutions, Digital Map Products, Impact, LifeStance Health, MediQuant, Nordic Consulting Partners, and Validity. The partners have over six decades of collective investing experience and have served on the boards of numerous successful growth companies including Ability Network, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Net Health, Passport Health, SurveyMonkey, and Yapstone. For more information, visit www.silversmithcapital.com.