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Our investment into Totara: a leading global LMS software provider

Today, European tech investor Tenzing announced its investment in Totara Learning Solutions (‘Totara’), a leading provider of highly configurable learning management system (LMS) software to enterprises worldwide. Prior to Tenzing, Australian private equity firm, Five V Capital was a cornerstone investor in Totara, partnering with its founder, Richard Wyles.

Totara is the driving force behind talent development for thousands of customers, reaching an impressive user base of around 20 million individuals across 140 countries. The business employs over 100 people in offices in the UK, New Zealand and USA. 

Central to its success is Totara’s Talent Experience Platform (TXP), which consists of a powerful and flexible learning management system (Totara Learn) that orchestrates, delivers, and tracks formal or compliance training, a user-friendly learning experience platform (Totara Engage) for informal or social learning, and a performance management system (Totara Perform) providing personalised plans for learning and development. TXP is an all-in-one solution that meets mission-critical workplace learning and performance requirements. It is used by some of the world’s largest brands, including Sony, Samsung, Medtronic, Amazon Alexa and Toyota.

Totara’s unique selling point lies in its ability to provide a deeply personalised service with a tailored solution for each client. TXP’s highly configurable technology architecture allows its customers to adapt the software to their unique needs, systems and workflows. The majority of Totara’s sales come through a network of over 70 value-added partners who work with clients across the globe to design and configure the software, provide integrations and customisations, and provide other services such as learning content development. These tailor-made solutions position Totara strongly in regulated industries such as government and healthcare. Notably, Totara is the trusted platform for NHS trusts in the UK and federal agencies in the USA, where it has a growing direct-to-consumer sales team. 

The global LMS market is experiencing strong growth as regulation drives mandatory training and as organisations continue to invest in the skill development of their employees. It is reportedly valued at approximately $17 billion in 2022 and is forecasted to grow at an impressive 20% CAGR from 2023-30. Totara has achieved consistent 30% annual recurring revenue growth for the last ten years, and Tenzing’s investment will support the business with further global expansion, a deeper focus on target sectors and continued expansion of Totara’s product and service proposition. 

Mark Ash, CEO at Totara Learning Solutions, commented: “At Totara, our mission is to enable our customers to create high-performance workplaces by transforming how organisations understand, measure, and improve talent development. With Tenzing’s strategic investment, we’re poised to scale our impact on the global stage, offering highly customisable solutions that drive innovation and growth for our clients. Together, we’ll continue to shape the future of workplace learning and development, making it more personalised, effective, and accessible than ever before.”

Carl Lavin, Investment Lead at Tenzing, added: “We are hugely excited to partner with Mark, the Totara team and Totara’s partners to help the business reach the summit of its potential. We believe that Totara’s unique, highly configurable product offering, global footprint and ambitious management team provide the basis for strong growth in the coming years”. 

Tim Cooper from Five V Capital saidWe are delighted to have partnered with Totara’s Founder, Richard Wyles, and to support the business’ success to date. Since our investment in 2020, Totara has undergone a remarkable transformation, emerging as a globally recognized brand underscored by a flagship product, multi-channel sales approach, and a carefully executed USA strategy. Totara’s growth and global expansion have been facilitated by a leading global management team, driving a landmark transition of the business’ headquarters from Wellington to the UK. We are proud of Totara’s achievements and are excited to see the business continue to flourish with Tenzing’s support.”

Totara is one of seventeen businesses within the Tenzing portfolio. Tenzing was advised on the investment by Osborne Clarke (Legal), EY (Buyside), EY-Parthenon (Commercial), Deloitte (Financial), Baringa (Product) and Intechnica (Technology). 

Totara was advised by DLA Piper (Legal), Houlihan Lokey (M&A), PwC (Financial & Tax), and CTO Labs (Technology).


Picture of Charlie Taylor

Charlie Taylor

Charlie's spent the last decade in some of the world’s leading tech businesses running Marketing & PR. She shows entrepreneurs what it would be like if they partnered with Tenzing. Her true passion lies in community building, so she's in her element connecting marketing professionals across the portfolio. Talk to Charlie about sales and marketing alignment, demand generation, event strategy and team design.
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