Dev Clever (AIM:DEV) announced that it has signed a Heads of Terms (“HoT”) agreement with the educational provider Veative Labs ("Veative") and the National Independent Schools Alliance ("NISA"), to form its B2C model in India.
NISA is India's largest governing body for budget private educational institutions and currently represents over 70,000 budget private schools across India, attended by c.13 million students.
All parties will work together over the next 60 days (“Phase One”) to negotiate and design an implementation plan and commercial model using Dev’s Launchyourcareer.com platform to deliver a minimum standard of career guidance across all NISA affiliated schools in 2021.
The parties will also evaluate the introduction of a B2C subscription model to provide functionality and further access to career development content at students' homes.
This extended functionality will aim to incorporate virtual work experiences and curriculum-aligned, supplemental educational modules provided by Veative for all students.
The group anticipates 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, described the agreement with NISA, as “a major development step” for the company, stating, "Our joint capabilities will be an effective way to introduce Launchyourcareer.com, 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.”
Jeffries said a subscription model in India, whose education market has not traditionally focused on formal careers guidance, represents “a significant opportunity” for Dev Clever.
“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,” said Kulbhushan Sharma, President at, adding that he recognises mandating careers guidance as “a vitally important” part of student education.
Shares in Dev Clever have skyrocketed in value by over 500% since the beginning of 2020 to open 1.35% higher at 7.5p following this morning’s announcement.
Dev Clever Holdings is a software and technology group based in Tamworth, United Kingdom, specialising in the use of cloud-based VR and gamification technologies to deliver rich customer engagement experiences across both the education and commercial sectors.
Its educational division offers careers guidance and recruitment solutions to secondary schools, colleges, universities, apprenticeship providers and employers with digital products to recruit and develop applicants and skills within their institutions and organisations.
Through its Virtual Reality Careers Experience, VICTAR, the group encourages ‘hard to reach students disengaged from the process as well as reaffirming students on their career journey.’
Focused on bridging this global skills gap, DEV offers technology designed to support schools globally and to embrace immersive technology and revolutionise career guidance programs.
Due to a new reality of distance learning in the age of the COVID-19 pandemic, the EdTech space has surged with analysts reporting an average increase in revenue of 335% according to an industry impact analysis by Rootstrap.
According to market data published by MarketsandMarkets, the EdTech and Smart Classroom Market size is expected to grow globally from $85.8 billion in 2020 to $181.3 billion by 2025.
In May this year DEV entered into an agreement with Intrinsic Capital Jersey Ltd, founded by serial entrepreneur and investor Chris Akers, to raise up to £10m (gross) through a subscription at 10p.
The fund raise enabled DEV to accelerate its growth plans with collaboration partners and clients whilst also funding the expansion of the Company into new territories.
The valuation multiples for EdTech Companies continues to rise as larger multinational companies acquire innovative players in the space to capture growth.
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