US $1.2million contract with clear acceleration in forward momentum
Dev Clever (LSE: DEV), the developer of careers guidance and development platforms, is pleased to confirm that trading for the financial year ending 31 October 2020 is in line with management expectations and the Company is benefitting from an acceleration in forward momentum over the past several months. Dev Clever is also pleased to announce today a materially significant contract win.
Trading update
Dev Clever is making continued progress in line with its stated strategy. The partnership agreements with Lenovo Group Limited (“Lenovo”) and Veative Labs Pte. Ltd. (“Veative”), which enable the combination and central marketing of each business’ complementary products, are starting to attract significant interest from both existing and potential customers. Alongside engaging students in their personal discovery, the combined products provide insightful and vital data to support educators. For example, the platform has the ability to predict future content requirements and can concurrently function as an enhanced recruitment tool for employers.
Other recent highlights include actively working on further important geographical extensions with its partners and the recent completion of the first £2.0 million (£1.90 million net after cost) equity tranche out of a potential £10.0 million at 10 pence per share.
The combination of the new equity funding and increasing business momentum will enable the Company to pro-actively pursue a select number of complementary and value accretive opportunities.
Contract win
The Company has recently secured its largest commercial contract, worth US$1.2m, to undertake two COVID-19 careers impact assessments: one in the US in September 2020; and a further assessment in India planned for October 2020.
Dev Clever will work closely with its partners, Lenovo and Veative, to generate careers tracking data in line with the regions data protection policies from a targeted 1,000 schools and colleges in each territory. This will enable the impact assessments to build up bigger picture themes and trends relating to the impact of COVID-19 on career prospects, which can then be utilised by various stakeholders – including students, schools and colleges, and industry and service suppliers – to generate meaningful and bespoke follow-up initiatives.
Additionally, the process of contributing to an impact assessment will give educators the opportunity to offer a better resource to pro-actively reach out and support students in building their careers profiles. Educators will have full visibility over students’ information generated by the assessment and therefore the ability to recognise how they can further support them to achieve their ambitions.
Chris Jeffries, CEO, said:
“We have gone through an unprecedented series of events this year with the onset of COVID-19 and yet our business and its underlying growth dynamics are starting to come to fruition. The key pillars and platform foundations of Dev Clever have been materially strengthened throughout the last year and I am confident that in the period ahead we can establish ourselves as a profitable and innovative emerging market leader in the global EdTech space”.
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 platforms:
