Dev Clever Holdings (DEV.L) Heads of Terms Agreement

Heads of Terms Agreement
Strategic partnership and formation of B2C model in India

Dev Clever, a leading developer of online and immersive career guidance and development platforms, is pleased to announce that it has signed a Heads of Terms agreement with Veative Labs (“Veative”) and the National Independent Schools Alliance (“NISA”), India’s largest governing body for budget private educational institutions.

The agreement comprises a commitment for NISA, Veative and Dev Clever (together the “Parties”) to work together over the next 60 days (“Phase One”) to negotiate and design an implementation plan and commercial model that will utilise Dev Clever’s as the platform to deliver a minimum standard of career guidance across all NISA affiliated schools in 2021. NISA currently represents over 70,000 budget private schools in India, attended by c.13 million students.

In addition to the implementation plan for schools, during Phase One the Parties have also committed to evaluating the introduction of a B2C subscription model with the intention of providing extended functionality and additional access to career development content at students’ homes. The extended functionality will incorporate virtual work experiences and curriculum-aligned, supplemental educational modules provided by Veative.

It is anticipated that a formal agreement will be signed by the Parties following the conclusion of Phase One and the implementation phase is then expected to commence.

Chris Jeffries, CEO Dev Clever, said:

“Working with NISA, together with our existing partner Veative, is a major development step for Dev Clever. NISA has established various core pillars of learning that are provided throughout its affiliated schools. Our joint capabilities will be an effective way to introduce, our innovative and immersive careers learning platform, to India. In addition, there is a significant opportunity to support the wider adoption of the platform by both the remaining 230,000 budget private schools in India as well as the over one million public sector schools.

“This announcement also outlines the Company’s first steps towards creating a B2C model, supporting students directly and allowing them to obtain extended benefits to our products, as well as content from Veative. Trialling this model in India, whose education market has not traditionally focused on formal careers guidance, represents a significant opportunity for Dev Clever and we look forward to working with NISA, its partner schools, students and parents in the future.”

Kulbhushan Sharma, President at NISA, commented:

“NISA has always prided itself on establishing key principles for our schools so that educational standards can be maintained. Until now, however, we have not asked our schools to mandate careers guidance, although we recognise that it is a vitally important part of a student’s education. Therefore, we hope that our partnership with Dev Clever will help to guide students as they leave our schools and equally that the additional support from Veative will give our students the edge to succeed in their future careers.”

Ankur Aggarwal, CEO at Veative Labs, added:

“As more students find themselves studying remotely we believe that technology and the right content can be important assets in the educational process. The announcement today signifies a clear intention to bring together Dev Clever’s innovative career guidance platform with our immersive learning content to a large group of schools and students who need additional support, which we hope can guide them in their learning.”

Notes to Editors

Dev Clever Holdings plc, together with its wholly owned subsidiary DevClever Limited, is a software and technology group based in Tamworth, United Kingdom, specialising in the use of lightweight integrations of cloud-based VR and gamification technologies to deliver rich customer engagement experiences across both the education and commercial sectors. In January 2019, Dev Clever listed on the Standard List of the London Stock Exchange. The Group’s core focus is the development and commercialisation of its core platform.

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