Statement re Announcement by Dev Clever
21 December 2020
The Board of Asimilar Group plc (AIM: ASLR), the AIM quoted investing company focused on technology opportunities in the fields of big data, machine learning, telematics and the Internet of Things (IoT), notes that Dev Clever Holdings plc ("Dev Clever") has today made an announcement ("the Dev Clever Announcement"). This is reproduced below.
As announced in an RNS of 1 December 2020, Asimilar's wholly owned subsidiary, Intrinsic Capital (Jersey) Limited ("ICJL"), has conditionally subscribed for 20,000,000 new shares in Dev Clever at a subscription price of 10p per share ("the Subscription Shares"), being the second tranche of its subscription rights to invest in new shares in Dev Clever.
ICJL has agreed with Dev Clever to amend the terms of its investment agreement so that completion of the second subscription is conditional on either (1) Dev Clever publishing a prospectus approved by the FCA on or before 25 January 2021; or (2) the issue and admission of the Subscription Shares in respect of the second tranche being exempt from the requirement for publication by Dev Clever of a prospectus.
Asimilar currently has an interest in 20 million shares in Dev Clever (representing 4.2% of Dev Clever's issued share capital). On completion of the second subscription, Asimilar would have an interest over 8.1% of Dev Clever's enlarged issued share capital.
Dev Clever is listed on the Standard List of the London Stock Exchange. The subscription for the third and fourth investment tranches remains conditional on the publication of a prospectus by Dev Clever.
The text of the Dev Clever Announcement is as follows:
Dev Clever Holdings plc
("Dev Clever" or "the Company")
Commercial Partnership Agreement
Strategic partnership and activation of B2C model in India
Dev Clever, a leading developer of online and immersive career guidance and development platforms, is pleased to announce that, further to its announcement on 6 November 2020, it has entered into a five-year exclusive partnership agreement with Veative Labs ("Veative") and the National Independent Schools Alliance ("NISA"), India's largest governing body for budget private educational institutions.
The partnership agreement will see all parties execute an implementation and rollout schedule, commencing in January 2021, that will result in Dev Clever's Launchyourcareer being utilised by NISA as the platform-of-choice to deliver a minimum standard of career guidance across its affiliated schools. NISA represents over 70,000 budget private schools in India, attended by c.13 million students.
As its platform-of-choice, the agreement enables NISA to recommend that members on-board students onto Dev Clever's platform. In addition, schools will have the option to upgrade the platform from a standard subscription to a premium subscription licence - NISA's recommended level of career guidance. With a premium licence, schools will gain access to a live analytics dashboard and online toolkit that will enable each school to deliver a 'Best Practice' programme, through the Launchyourcareer platform. Schools will also be able to utilise Veative's curriculum-aligned online learning modules and virtual learning content.
The parties have also evaluated the introduction of a complementary B2C subscription model with the intention of providing extended functionality and additional access to careers development content at students' homes. Consequently, Dev Clever will be launching a B2C subscription model in the Indian market in April 2021 to coincide with the start of the academic year.
As such, the Company will be able to make recommendations to parents of students that attend NISA-affiliated schools to purchase a premium subscription of Launchyourcareer for at-home use. This will give students access to virtual work experience, curriculum-aligned supplemental educational modules, interactive language learning modules, self-development and wellbeing modules, careers networking, and college and course recommendations.
Chris Jeffries, CEO Dev Clever, said:
This is a significant milestone and material opportunity to support the career development of millions of young people in India. We are delighted to be working directly in partnership with NISA, the benchmark authority and voice of the expeditiously expanding budget private education sector in India, and Veative, the market-leading provider of online and immersive curriculum-aligned learning content. Together, we are able to deliver this solution at such a scale that it has a real possibility to change the way young people learn and become prepared for the world of work in their future.
The Indian EdTech sector is predicted to grow from $2.8bn in 2020 to $10bn by 2025* and this partnership enables the company to enter an exciting geography at scale with a strong proposition, a direct route to market and the opportunity to secure a sizable part of this rapidly growing sector.
Kulbhushan Sharma, President at NISA, commented:
NISA is committed to bringing about the best learning and growth opportunities for all students within our purview, and this commitment does not end at the gates of a school. Working with Dev Clever and Veative to drive career readiness and open up further long-term opportunities brings an added dimension to all that we do. We are delighted to explore new career aspirations with our students through the launchyourcareer platform, and then excite those minds with the cutting-edge learning technology developed by Veative. Much more than a simple solution, this new way of connecting students with learning will bring a significantly positive impact to budget private schools in India.
Ankur Aggarwal, CEO at Veative Labs, added:
We are both excited and humbled to be working with Dev Clever, a market leader in career development, and NISA, a massively influential body working hard to affect real, lasting change in the lives of Indian youths. Our contribution to this endeavour is to add a unique immersive learning element to enable a true understanding of what some career choices entail, plus some real learning in that area of interest.
In these trying times, the ability for educators to pivot with the changing needs of both in-person and remote learners is paramount. Such a disruptive environment creates both challenges and opportunities for EdTech companies to rise to the occasion. Delivering online education at scale at significantly lower costs, coupled with increased internet and smartphone penetration and a large untapped consumer base, makes this a truly wonderful time to be involved in education in India.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Asimilar Group plc
John Taylor, Non-Executive Chairman via Buchanan
Cairn Financial Advisers LLP
Sandy Jamieson, Liam Murray Tel: +44 20 7213 0880
Peterhouse Capital Limited
Duncan Vasey / Lucy Williams Tel: + 44 20 7220 9797
Buchanan Communications Limited
Richard Oldworth / Chris Lane Tel: +44 (0) 20 7466 5000