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Annual recurring revenue up 66% at Fuse Universal

publication date: Feb 28, 2019

Fuse Universal, the London-based eLearning platform company, has reported an EBITA loss of £2.8m for the year ended 30 June 2018 (2017: £1.7m loss), on revenue up 27% to £5.1m (2017: £4.0m), according to accounts filed recently at Companies House. The increase in turnover was driven by 66% growth in annual recurring revenue to £4.9m (2017: £3.0m). UK revenue increased 24% to £3.5m (2017: £2.8m).

During 2018, the company signed up 48 new clients, and completed license agreements with two large corporate clients that have 67,000 users and 87,000 users respectively. Client retention in FY18 was 85%, Fuse said. Deferred income at the year end was up 27% to £2.8m (2017: £2.2m).

Fuse’s proprietary learning experience platform (LXP) allows enterprise clients to develop and share internal and external content with employees, combining online and offline learning in formats that are personalised according to specific needs. The platform can serve as a standalone LMS or integrate with existing LMS providers.

In May 2018, the company completed a £10m Series B funding round from Eight Roads, bringing the total raised by Fuse to £16.6m since launch. The investment from Eight Roads is being used to support product development and building out the company’s global network of sales offices in the US, Singapore and Australia, Fuse said. The company had cash balances of £8.0m at 30 June 2018 (2017: £620k).

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