Dev Clever (DEV) said its wholly-owned Indian subsidiary and Veative Labs have agreed a material extension to their partnership with the CSC Academy in India ("CSC Academy").
Today’s extension follows a successful pilot which was launched in June 2021 where the immersive learning and careers platform went live in 25 of the 5,930 CSC academy centres to assess the foundation programme of STEM-based immersive learning and careers guidance.
Following the successful completion of this pilot, the CSC Academy and Dev have agreed a foundation programme for phase two - with Dev Clever's proprietary immersive career guidance and learning platform to be rolled out to all CSC academy centres across India.
As a result, in phase two the foundation programme will be offered to 2.6 million students and will begin to be rolled out in 1Q22, the education-focused technology company highlighted.
This will see Dev receiving a one-off on-boarding fee and an annual SaaS-based subscription fee for each student, to be paid directly by the CSC Academy on behalf of the student.
In addition to the foundation programme, students will be given the opportunity to upgrade the service to a premium subscription, access further learning content and live one-to-one career counselling sessions, delivered virtually through the launchmycareer.com platform, it said.
The Company informed investors that it has agreed to work with the CSC Academy in order to offer students a Launchmycareer ("LMC") Careers counsellor training programme.
It said this will provide a recognised qualification and, in anticipation of the demand for this premium subscription service, the Group has already started onboarding career consultants.
It is the express intention that, subject to success during phase two, there will be a further opportunity to formalise the expansion of launchmycareer.com beyond the CSC academies to the broader 350,000 CSC centres and its tens of millions of users, the Company reported.
Chris Jefferies, CEO Dev Clever, said: "The Indian Government's recognition of the importance of career development for its young people is a pivotal moment in its intention to bring positive and lasting educational change to its citizens, and particularly its youth."
He commented that the Company’s “now broader remit is yet another endorsement of our ability to support India with the technological know-how in bringing about this change.”
Meanwhile, he noted that it also has “extremely positive implications for Dev Clever with the fees generated during phase two expected to bring material revenues into the Company.”
He added, "We are also extremely excited to be working with the CSC and to be able to jointly offer an initial 2.6 million students the opportunity of a recognised qualification in careers counselling that will provide employment for those students seeking a job in this area and also enable them to guide other students towards a career aligned with their ambitions."
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Back in June 2021, shares in Dev Clever jumped after it unveiled a ‘breakthrough’ tactical partnership expected to deliver a minimum of $50m in revenues over the next four years.
Last month, Dev Clever announced that the first phase of the tactical partnership with Aldebaron DMCC had been signed ahead of its UK launch of the National Careers Challenge.
The partnership will enable Dev to accelerate a global rollout plan across Asian territories, starting in India in partnership with NISA and then extending across Indonesia, Thailand, Singapore, Malaysia, Philippines and into the Middle East and Africa in the next three years.
The contract with Adebaron is set to earn Dev Clever $5 million in 2021, $10 million in 2022, $25 million in 2023, and $20 million in 2024 (each for the financial years ending 31 October).
Under the terms of the partnership and as part of the first implementation phase, the National Careers Challenge ("NCC") was launched in the UK on 30 September 2021. At the time, Dev said plans for an Indian NCC are anticipated to be finalised in 4Q21 for full scale launch during 1H22 while Aldebaron’s initial platform capabilities are expected to go live in 4Q21.
In recent months, Dev Clever said in its 1H21 results that it had continued to make “material and incremental progress” over the period with revenue soaring 531% from £0.38m in 1H20.
The education-focused technology firm said its revenue increase of 531% to £2.4 million from £0.383m in 1H20 was supported by ‘significant contract wins’ in the Educate division.
Looking ahead, Dev Clever highlighted that the EdTech market ‘remains robust’. It said it believes there is “a globally growing need and demand for more effective careers platforms that can engage young people and connect them directly with their future employers.”
Looking ahead, and as a result of its strong performance, the company believes it is 'very well placed to exceed management's expectations for the full year ending 31 October 2021.'
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