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DEV Dev Clever Holdings Plc

30.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Dev Clever Holdings Plc LSE:DEV London Ordinary Share GB00BH452L44 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 30.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Dev Clever Holdings PLC Strategy update: Educate Platform (2423R)

28/10/2019 7:00am

UK Regulatory


Dev Clever (LSE:DEV)
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From Mar 2019 to Mar 2024

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TIDMDEV

RNS Number : 2423R

Dev Clever Holdings PLC

28 October 2019

Dev Clever Holdings plc

("Dev Clever" or "the Company")

Educate Platform: Strategic update

Dev Clever, a leading developer of career development platforms and virtual reality student experiences, is pleased to release this strategic update for our Educate platform to the market.

Key Highlights:

   --      Our innovative careers guidance platforms are now fully live 

-- Sales resourcing and marketing activity has begun in line with our strategy of commencing with the start of the new academic year

-- The Company has secured strategic collaborations and partnerships to enable it to capitalise on the immediate UK market opportunity, which the Company estimates to be in excess of GBP100 million per annum

   --      The Company aims to secure 10% of this UK market opportunity by 2023 
   --      The Company's Educate platforms are offered on a 36 month SaaS based licence subscription 

-- The Company has commenced work on localising the platforms for other markets and collaborating on the strategy to rollout the Educate platform to other territories starting with North America in 2020

-- The Company estimates the US education market is approximately six times larger than that of the UK.

Over the past 5 years, the Company has worked in collaboration with students, schools, educational institutions, training providers and employers to produce a step change product that helps address the critical national issue of bridging the UK skills gap, which the government estimates will cost the UK tax payer GBP90bn per year by 2024.

Careers education and guidance is a key enabler to the success of the required reforms to the technical education system. In 2014, the Gatsby Foundation published its report 'Good Career Guidance' which distilled academic literature and good practice overseas into a set of eight benchmarks which identify different dimensions of good careers guidance. These benchmarks are now embedded within the new Ofsted inspection framework which came into effect in September 2019.

Schools are legally required to demonstrate they are providing an effective careers programme in line with the government's statutory guidance on careers advice. The mandate requires schools to:

   --      prepare pupils for future success in education, employment or training. 
   --      meet the Gatsby Benchmarks by the end of 2020 
   --      enable a range of education and training providers to speak to pupils in Years 8 to 13. 

-- ensure all pupils receive unbiased information about potential next steps and high-quality careers guidance.

   --      provide good quality, meaningful opportunities for pupils to encounter the world of work. 

In support of the Government's objectives, our mission has been to provide a single platform which centralises careers content including LMI data, colleges, universities, training providers and employers, whilst providing young people with an interactive and immersive student experience that revolutionises the delivery of careers advice to fully engage them in their future. It also provides organisations and institutions with a platform through which they could subscribe to enable them to deliver this higher standard of career guidance at the same time as providing a more targeted means of communicating and marketing to young people.

The Company has now invested over GBP1.0 million in the development of its platforms Launchpad, Launchpad for employers and VICTAR VR:

Launchpad (www.launchyourcareer.com),

An innovative online platform designed to connect young people, their influencers, schools, FE/HE institutions, employers and training providers together. Our platform promotes technical, academic and apprenticeship pathways as part of a national reformed skill system and provide the tools required to support the delivery of the Gatsby mandate.

VICTAR VR (Virtual Interactive Careers Training & Apprenticeship Robot)

The world's first interactive, virtual reality careers guidance experience designed specifically to engage with school children across the secondary sector and immerse them in impartial careers information as part of a careers guidance programme Developed in parallel with Launchpad, VICTAR takes the young person through a unique immersive, engaging, motivational and guided virtual reality journey to discover their personality, interests and explore 360 environments and careers that suit them the most. Once they arrive at their chosen career, they can see LMI statistics and information about the career such as how much they could earn, the predicted growth by region as well as a video of a person who works in that career with insights into their work environments.

Launchpad for Employers

A mobile optimised, internal learning and development, training and communications platform for employees and team members. The platform is designed to train and develop the skills of each individual across multiple locations, whilst also providing a centralised hub for internal communications. The platform incorporates Dev Clever's Engage gamification engine to incentivise users, through the use of instant win rewards, to complete their training modules and advance their business knowledge and skillsets.

The Company intends to accelerate the adoption of these platforms through the exploitation of its official partnerships within the education, skills and careers sector. These are expected to give Launchpad and VICTAR national exposure to secondary schools and FE colleges across the UK at the same time as attracting a large volume of users to the platform now that the new academic year has begun.

Secured collaborations and strategic partnerships:

   --      WorldSkills Organisation 
   --      Lenovo 
   --      CDI (Careers Development Institute) 
   --      Icould 

These collaborations and strategic partnerships enable the Company to fully commercialise its Educate platforms and its suite of SaaS based products to be offered to organisations and institutions at scale.

Market Size UK:

   --      Secondary schools and sixth form colleges 6,587 
   --      Further Educators and Colleges 294 
   --      Higher Educators and University's 137 
   --      Apprenticeship providers 2,090 
   --      Mid to Large employers which qualify for the Apprenticeship Levy 10,760 

Our SaaS based licences and subscription packages

   --      Secondary schools and sixth form colleges GBP350 - GBP1,250 per annum 
   --      Further Educators and Colleges GBP4,500 - GBP18,000 per annum 
   --      Higher Educators and University's GBP4,500 - GBP18,000 per annum 
   --      Apprenticeship providers GBP4,500 - GBP18,000 per annum 

-- Mid to Large employers which qualify for the Apprenticeship Levy GBP2,500 - GBP18,000 per annum

The Company estimates the total UK market opportunity for its innovative careers' guidance platforms is in excess of GBP100 Million per annum. Our target is to have secured 10% of this market on SaaS based 36-month subscriptions by 2023.

Working in collaboration with Lenovo, the Company intends to localise its Educate solution for other territories, commencing with North America in April 2020. The Company estimates the US education market to be six times larger than that of the UK.

Chris Jeffries CEO Dev Clever said:

5 years ago, we identified the need to develop an innovative, 'Clever" solution that would centralise and revolutionise the delivery of careers guidance across the entire careers and workplace skills development sector, a sector that has a vital impact on the current and future global economy. Knowing that the government had also identified this and highlighted that changes were going to be made to enforce the delivery of a higher standard of careers guidance across the UK from 2019, Dev Clever has made significant internal investment in proprietary platforms, products and infrastructure and as a business we have been strategically gearing up for this exact moment. We are now fully focused on commercialising the substantial opportunity our technology offers as we enter what we believe will be a period of transformational growth.

Tim Heaton COO Dev Clever said:

Since joining the Dev Clever business, I have been delighted and encouraged with the feedback on our Educate products and services from multi academy trusts, combined authorities, FE colleges and schools who we have talked with directly. From this I feel we are well placed to drive forward and now accelerate our customer acquisition programme.

Graham Feek, Deputy Chief Executive, Greenwood Academies Trust said:

What Dev Clever is doing with its innovative careers' guidance platform is amazing and I'm convinced that Launchpad and VICTAR will make such a big difference to the aspirations and outcomes for pupils. I'm trying to recall seeing a product at first glance that is so impressive and purposeful.

For further information please contact:

 
 
 Dev Clever Holdings plc 
 
  Christopher Jeffries 
  CEO, Founder and Executive Chairman 
 
                                           +44 (0) 845 459 0774 
  Nicholas Ydlibi 
  Finance Director                         +44 (0) 330 058 2922 
 
 
   Pello Capital - Joint Broker 
 Daniel Gee                              +44 (0) 203 700 2534 
 
 
   Novum Securities Limited - Joint 
   Broker 
 Colin Rowbury                           +44 (0) 20 7399 9400 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

UPDCKODPOBDDQKB

(END) Dow Jones Newswires

October 28, 2019 03:00 ET (07:00 GMT)

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