Dev Clever (LSE: DEV)  ,the developer of careers guidance and development platforms, has announced a contract win worth $1.2m and confirmed trading for the financial year ending 31 October 2020 is in line with management expectations. 

Contract Win 

The Company has announced its largest commercial contract, worth US$1.2m, to undertake two COVID-19 careers impact assessments: one in the US scheduled for September 2020; and a further assessment in India planned for October 2020. 

Under the terms of the contracts, Dev Clever will work closely with its partners to generate careers tracking data from a targeted 1,000 schools and colleges in each territory. 

This will enable impact assessments to be carried out to help analyse themes and trends relating to the impact of COVID-19 on career prospects. 

It is expected the data will then be utilised by various stakeholders, including students, schools and colleges, industry and careers service suppliers, to generate initiatives to tackle any shortfalls in the system. 

Dev Clever is clearly a thought ;leader in the EdTEch space and the Company hopes that by enabling educators to contribute to such an impact assessment, will provide them with an opportunity to offer a better resource to pro-actively address any issues and support students in building their careers profiles.  

Dev Clever will provide educators 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. 

Trading update 

Dev Clever has continued to make progress on its stated strategy and has confirmed trading for the 1- month period to 31 October is expected to be in-line with management expectations.  

The partnership agreements with Lenovo Group Limited ("Lenovo") and Veative Labs Pte. Ltd. ("Veative") are starting to attract significant interest from both existing and potential customers, despite the COVID-19 pandemic. 

Furthermore, the combined solutions from Lenovo and Veative have powered insightful and vital data to support existing clients with insightful predictions of future career guidance content requirements that can also be used as an enhanced recruitment tool for employers. 

Fully Funded 

The Company has recently completed 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. 

Chris Jeffries, CEO Dev Clever, 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” 

Outlook 

The Company states the combination of the new equity funding package and increasing business momentum will enable the Company to pro-actively pursue a select number of complementary and value accretive opportunities. 

Shares in Dev Clever have performed exceptionally strongly over the past three months from 5.7p in March 2020, to trade at 9.12p in early trade following the Contract win and Trading Update announcement today. 

Chris Added; 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".