The Ledger
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Olberg: Aptem is the UK's largest vocational training software provider
“There are 40 universities in this country who use our technology. We are the largest provider in the UK of technology for this type of training.”
Olberg grew his previous startup Corndel to £20M revenue in three years
“So in fact, I set up a training company with a partner who was our first customer. And we grew that to be the fastest growing training company in the country. We grew it to over twenty million in revenues in three years.”
Olberg sold his previous training company to private equity for £45M
“Then we sold that business to private equity at the end of, in November, 20, 20. And by the way, we sold it for that number in sterling, not dollars.”
LLM upselling could potentially double Aptem's business
“So we are seeing that as potentially doubling our business just through selling more to the customers we've got.”
Olberg: UK firms with £3M+ payroll must pay 0.5% apprenticeship tax
“Every firm in the UK with a payroll of three million or more has to pay half a percent of that payroll into a tax that goes towards funding vocational training.”
Aptem's typical customer spends £40k to £50k annually
“A large customer will spend a couple of 100,300 thousand a year with us, a small customer, maybe 10,000 a year with us, and a sort of typical customer, 40 to 50,000 a year with us.”
Aptem achieved over 50% YoY growth for four consecutive years
“Put it this way, we have for the last four years done over 50% year-on-year growth.”
Aptem experienced 2.3% gross revenue churn last year
“2.3 was last year's churn in financial terms.”
Olberg personally invested $1.5M into Aptem before raising institutional capital
“No, I put about one and a half million in.”