TIDMDEV
RNS Number : 5287G
Dev Clever Holdings PLC
27 July 2021
27 July 2021
Dev Clever Holdings plc
("Dev Clever" or "the Company")
Acquisition completion - The Inspirational Learning Group
Limited
Continued progress in India
Dev Clever, a leading developer of online and immersive career
guidance and development platforms and consumer engagement
experiences, announces that the acquisition of The Inspirational
Learning Group Limited ("TILG"), a profitable and established
UK-based educational business, has been completed.
The acquisition of TILG was initially announced on 21 June 2021
and it has now been acquired for a cash consideration of GBP129,200
and the issue of 6,994,177 new ordinary shares in Dev Clever,
subject to a phased two-year lock-in period.
TILG's activities will complement Dev Clever's existing career
guidance and development platforms and enhance the Company's
content offering. With the acquisition now completed, the Company
will utilise the careers programmes developed by TILG to launch its
own National Career Challenge ("NCC"). The NCC will be available to
students in the UK during late Q4 2021.
Additionally, Dev Clever is committed to delivering an NCC
programme in India, where it has a well-established partnership
with the National Independent Schools Alliance ("NISA"), in H1
2022. As previously stated, Dev Clever expects to use the Career
Challenge initiative to enter additional large emerging market
territories over the next three years.
Accelerated momentum
The completion of the acquisition of TILG, together with the
impending signing of definitive documentation relating to the
tactical partnership and contract agreement with Aldebaron DMCC,
will substantially extend Dev Clever's proposition and strengthen
its entry into new markets whilst allowing the Group to swiftly
expand its global user base. Dev Clever is pleased to report that
it is making good progress in regards to the signing of definitive
documentation with Aldebaron DMCC and expects the relevant
documents to be completed before the end of August 2021.
Dev Clever will now progress with the pilot launch of the NCC
programme in the UK in late Q4 2021 and then commence the rollout
across India in H1 2022 where the Company will invite all 1.5
million public and private schools to participate, providing the
potential to reach c. 280 million students who can participate in
what will become known as the Indian National Career Challenge.
Dev Clever has already made significant progress in relation to
its partnership with NISA, including the successful development and
deployment of the Company's direct to consumer offer into
Launchmycareer.com - which is now live across India. Dev Clever and
its Indian management team are really encouraged with the high
level of interest and school sign up volumes that have already been
achieved now that a series of events across all regions in India
have been launched.
Chris Jeffries, CEO of Dev Clever, said:
"The combination of Dev Clever's career guidance and development
platforms and TILG's well-established Challenge programmes is a
powerful proposition. We are confident it will enable us to rapidly
scale our global user base, starting in the UK and in India, where
our tactical partnership with Aldebaron means our offering is the
central conviction 'go to market education initiative' for an
exciting new social media proposition.
"We are making excellent progress with NISA and have received
very positive feedback following the initial launch events that
have been held in recent weeks. The framework for the launch of the
NCC is now agreed and we are confident it will engage many young
students who will ultimately all benefit from the services that we
are able to provide them."
Michael and Ben Dyer, Co-Founders of The Inspirational Learning
Group, added:
"Our proposition has developed from a simple idea into a
fully-fledged challenge that is the largest of its type in the UK.
The journey that we have been on has proven to be extremely
successful, and we are now able to draw on Dev Clever's deep roots
within significant international territories with large addressable
markets, such as India. The combination of our operations makes for
a compelling proposition, and we are working hard with Chris and
the rest of the wider Dev Clever team to deploy our combined
services in the UK later this year and in India in 2022."
Application will be made for the new ordinary shares to be
admitted to trading, which is expected to be on or around Friday,
30(th) July. The new ordinary shares will rank pari passu with the
existing ordinary shares of the Company. Following the issue of the
new ordinary shares, the Company's issued share capital will
comprise of 604,114,274 ordinary shares (including the 6,994,177
new ordinary shares). This figure of 604,114,274 ordinary shares
may be used by shareholders in the Company as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change in their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
-ends-
For further information please contact:
Dev Clever Holdings plc
Christopher Jeffries
Chief Executive Officer and Executive
Chairman
Nicholas Ydlibi
Chief Financial Officer +44 (0) 1827 930 408
Novum Securities Limited - Financial
Adviser and Broker
David Coffman / Colin Rowbury +44 (0) 20 7399 9400
Buchanan Communications
Richard Oldworth / Chris Lane +44 (0) 207 466 5105
Notes to Editors:
Dev Clever Holdings plc, together with its wholly-owned
subsidiaries, 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 -
Educate (its primary focus) and Agency Services (its secondary
focus).
Educate Division:
Through Educate, Dev Clever aims to reduce the global skills
shortage by delivering an enhanced careers guidance service via its
online platform, Launchmycareer.com, and virtual reality software
(Victar VR). The business has established a global partnership with
Lenovo to roll out its service worldwide, with offerings already on
the market in the UK, US and Canada. Dev Clever is also focused on
the Indian market and has partnered with its National Independent
Schools Alliance (NISA) and content provider Veative to provide a
comprehensive service offering within Indian budget private
schools. Through this, the business has been developing and has
launched a direct-to-consumer offering in India.
Agency Services:
The Company's Agency Services division provides customers from
the retail, brand and hospitality sectors with bespoke application
and customisation of the Group's proprietary cloud-based products
in order to incentivise consumer participation, increase
engagement, improve transactional efficiencies and enhance the user
experience. The wealth of experience gained having successfully
provided hundreds of digital consumer and employee incentive
experiences for global brands, businesses and educators via the
Company's proprietary platform, Engage, is now focused on enabling
employers to better engage with existing employees to up-skill them
and to identify their future workforce via the Launchmycareer.com
platform. The division is being re-branded to Launchmycareer.com
Professional Services.
For further information, please visit
www.devcleverholdingsplc.com
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END
ACQUNAURARUBUUR
(END) Dow Jones Newswires
July 27, 2021 02:00 ET (06:00 GMT)
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