Here are a few brief analogies for Docebo:

• Salesforce for corporate learning.

• Workday for learning and development.

• Docebo Learn LMS: A core cloud-based learning platform.
• Docebo Shape: An AI-based tool for creating learning content.
• Docebo Content: A service that provides access to premium learning content.
• Docebo Learning Impact: A tool designed for measuring the effectiveness of learning programs.
• Docebo Learning Analytics: Helps administrators connect learning data to business results and prove program value.
• Docebo Connect: Facilitates integrations between Docebo and a customer's existing technology stack.
• Docebo Flow: Enables the direct injection of learning content into the workflow.
• Docebo for Salesforce: A native integration that provides a seamless learning experience within the Salesforce platform.
• Docebo Embed (OEM): Allows original equipment manufacturers to embed and resell Docebo as part of their software.
• Docebo Mobile App Publisher: Enables companies to create and publish their own branded mobile learning applications.
• Docebo Extended Enterprise: Supports customer education, partner enablement, and retention initiatives.
• Docebo Discover, Coach & Share: Enhances the learning experience to foster a culture of social learning.

Docebo (DCBO) primarily sells its cloud-based learning management system to other companies (Business-to-Business, B2B).

The provided company description does not list specific major customer companies by name. However, it identifies the industries in which Docebo serves customers:

• Technology
• Media
• Manufacturing
• Consulting and professional services
• Retail industries

• Amazon Web Services (AMZN)

Alessio Artuffo - President and Chief Executive Officer

Alessio Artuffo assumed the role of CEO for Docebo in September 2024, having previously served as Interim CEO since March 2024. He joined Docebo in 2012 as the Director of International Business Operations and has held successive leadership positions including Chief Operating Officer, Chief Revenue Officer, and President. He was instrumental in establishing Docebo's North American operations and has been credited with helping to grow the company's revenue significantly. Beyond Docebo, he serves on the board of Viafoura and is an advisor for Gamindo.

Brandon Farber - Chief Financial Officer

Brandon Farber was promoted to Chief Financial Officer in April 2025, after serving as Interim Chief Financial Officer since March 2025. He joined Docebo in October 2021 as Vice President of Finance and was promoted to Senior Vice President of Finance in January 2023. Mr. Farber brings over 15 years of experience spanning technology, private equity, and venture capital. Prior to Docebo, he held finance positions at Constellation Software and Finastra, a financial technology company owned by Vista Equity Partners, where his responsibilities included business planning, finance operations, operational excellence, and mergers and acquisitions. He began his career at KPMG Canada.

Claudio Erba - Chief Innovation Officer

Claudio Erba is the founder of Docebo, which he established in 2005. He served as the company's Chief Executive Officer for many years before transitioning to Chief Innovation Officer in February 2024. Under his leadership, Docebo grew from a startup to a company with over 1000 employees and achieved IPOs on the Toronto Stock Exchange in 2019 and NASDAQ in 2020. He is also the President of Algoritmica SRL since 2018 and a Venture Partner at Emerge Venture Lab Ltd. He co-founded Docebo with Fabio Pirovano.

Fabio Pirovano - Chief Product Officer

Fabio Pirovano is the Chief Product Officer at Docebo, where he is responsible for the development and execution of the company's product strategy. He has played a key role in launching several innovative products that have enhanced Docebo's market position. He holds a Bachelor's degree in Computer Science from Politecnico di Milano and an MBA from SDA Bocconi. He co-founded Docebo with Claudio Erba.

Kyle Lacy - Chief Marketing Officer

Kyle Lacy is a seasoned marketing executive with nearly two decades of experience, having led high-growth software companies through scaling, transformation, and acquisition. As Chief Marketing Officer at Docebo, he oversees global brand strategy, demand generation, and go-to-market execution. Prior to Docebo, Mr. Lacy was CMO at Jellyfish and Senior Vice President of Marketing at Seismic. He was also instrumental in building Lessonly, which was acquired by Seismic for $300 million in 2021. His career also includes leadership roles at OpenView, Salesforce, and ExactTarget.

Key Risks to Docebo (DCBO)

• Slowing Revenue Growth and Intense Competition: Docebo faces the risk of its revenue growth decelerating, potentially lagging behind its industry peers and the broader e-learning market. This slowdown is primarily attributed to an increasingly competitive online corporate training industry, with various platforms offering innovative training methods, and prevailing macroeconomic headwinds that lead companies to reduce non-essential software spending. For instance, Docebo's projected revenue growth of 11.40% for the full 2025 fiscal year raises concerns about potential market share loss. The company's Q1 2025 guidance was revised downwards to 9-10% revenue growth for the full year, indicating a further slowdown.
• Customer Churn and Pricing Strategy Impact: Docebo faces the risk of customer churn, including the loss of key accounts. A notable example is the non-renewal of the "Skills Builder" use case by Amazon Web Services (AWS), Docebo's largest OEM customer, which is expected to result in an approximate $4 million annual recurring revenue (ARR) headwind starting in Q1 2026, as AWS brings this functionality in-house. Additionally, Docebo's revision of its pricing grid in 2024, with renewal cycles occurring in 2025, could lead some customers to either not renew their subscriptions or opt for less expensive plans, potentially causing a temporary slowdown in revenue growth. Increased customer churn rates, particularly from Dayforce, have also been highlighted as a concern amidst a highly competitive market and economic uncertainties.
• Risks Associated with AI in its Platform: Given Docebo's "AI-first" strategy and heavy reliance on artificial intelligence for product differentiation, the company is exposed to risks related to the use of AI in its platform. These risks include potential "reputational harm or liability" stemming from flawed algorithms, insufficient datasets, or biased information. Some enterprise customers have already expressed concerns about the high risks, compliance requirements, and potential regulatory fines associated with AI, leading them to disable AI functionalities within Docebo's platform. Furthermore, the evolving regulatory landscape for AI, with new standards and laws being adopted in regions like Canada (Draft Bill C-27) and the EU (EU AI Act), could introduce additional challenges and compliance burdens.

The rapid advancement and integration of generative AI within enterprise productivity and collaboration tools could lead to the emergence of highly personalized, adaptive, and 'in-the-flow-of-work' learning solutions. These AI-first platforms could dynamically create and deliver learning content, assess knowledge, and adapt to individual needs without relying on a centralized, pre-structured learning management system (LMS) or separate content creation tools, thereby diminishing the fundamental value and necessity of traditional LMS providers like Docebo.

Learning Management Systems (LMS)

Learning Analytics and Learning Impact

AI-Based Learning Content Creation (Docebo Shape)

Docebo's Specific Market Estimates

Docebo (DCBO) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Expansion within the Enterprise Customer Segment: Docebo has shown improving execution in attracting and expanding within the enterprise customer segment, which has been a driver for its Annual Recurring Revenue (ARR) growth. The company's ability to win significant enterprise customers validates its competitive edge.
2. AI-First Platform Strategy and Product Innovation: Docebo is focused on an "AI-First platform strategy" and has an ambitious product roadmap that leverages artificial intelligence to enhance the learner experience. This includes the launch of new AI-powered products like AI content authoring (Q4 2024) and Virtual Coach (AI role simulation), with plans to monetize future external search capabilities.
3. Strategic Acquisition and Integration of 365Talents: The acquisition of 365Talents is a significant driver, projected to add $7.5 million in ARR and grow at 30% annually for the next three years. This acquisition positions Docebo as a multi-product company, enhancing its skills intelligence offering and aiming to improve win rates and cross-sell opportunities within its existing customer base, particularly in the latter half of 2026.
4. Growth in the Public Sector: Docebo is actively expanding its reach in the public sector, including securing new U.S. federal government customers like the U.S. Department of Energy, following its FedRAMP certification. This expansion into the public sector, including stronger adoption in the US and European public sectors, is seen as unlocking a potentially massive new revenue stream.
5. Increase in Average Contract Value and Net Dollar Retention Rate: Docebo has demonstrated an increase in its Average Contract Value (ACV), reaching $55,229 as of December 31, 2024, up from $51,689 at the end of 2023. While the Net Dollar Retention Rate (NDR) was 99% for fiscal year 2025, management anticipates strong NRR trends in Q2, Q3, and Q4 2026, with the 365Talents acquisition expected to contribute to its acceleration. This suggests existing customers are increasing their spend with Docebo.

Share Repurchases

• Docebo completed a share buyback program between October 1, 2025, and December 31, 2025, repurchasing 954,967 shares for CA$38.32 million, representing 3.23% of shares.
• On January 29, 2026, Docebo announced a substantial issuer bid to repurchase up to 2,941,176 shares, or 10.23% of its shares, for US$60 million at US$20.40 per share.
• This US$60 million substantial issuer bid expired on March 10, 2026, with the company expecting to repurchase and cancel 2,941,176 shares, representing approximately 10.2% of shares outstanding as of February 1, 2026.

Outbound Investments

• On January 20, 2026, Docebo acquired the French AI-powered skills intelligence company 365Talents for approximately $54.6 million in cash, with potential additional earn-out payments of up to $5.1 million.
• The acquisition was funded through a combination of cash on hand and borrowings under Docebo's existing credit facility.
• This acquisition aims to strengthen Docebo's AI skills platform by integrating skills intelligence directly into learning workflows.

Capital Expenditures

• In the last 12 months (prior to March 2026), capital expenditures were approximately -$981,000.
• Docebo invested $298,000 in capital expenditures in Q1 2025, an increase of 3.8% from the prior quarter, primarily for funding long-term assets and infrastructure.