TIDMDEV
RNS Number : 4687C
Dev Clever Holdings PLC
21 June 2021
21 June 2021
Dev Clever Holdings plc
("Dev Clever" or the "Company")
Tactical Partnership and Contract Agreement with Aldebaron
DMCC
-US$50 million minimum guaranteed revenues over next 4
years-
Dev Clever (LSE: DEV), a leading developer of online and
immersive career guidance and development platforms, is pleased to
announce that it has secured a breakthrough tactical partnership
with Aldebaron DMCC ("Aldebaron"). Aldebaron is a Dubai based
organisation focused on the distribution, delivery and
implementation of consumer facing technology and next generation
impactful digital solutions into emerging markets across the
world.
The tactical partnership is an immediate major endorsement of
the Company's announcement earlier today regarding the acquisition
and activation of multiple Career Challenge ("CC") initiatives
first scheduled for the UK and India.
Background
The Company announced on 3 February 2021 that it had secured a
material licensing agreement for its core EdTech services, with an
unnamed client ("the Client"). This agreement related to the
Client's forthcoming new "social media" proposition and today's
agreement with Aldebaron is a seamless extension of that original
arrangement. During the past several months various aspects of the
Dev Clever proposition have been successfully tested in closed Beta
with the Client and today's Aldebaron agreement becomes the central
conviction "go to market education initiative" for the Client. The
Company remains under strict NDA with the Client and Aldebaron
(together the "Parties") until general release of the Client's
exciting proposition.
Platform integration
There will be a full platform integration to deliver the best
possible support and frictionless experience for students, brands,
employers and educational institutions to understand, connect,
engage and transact. This will include other activities such as
enabling students to communicate, interact and curate with their
peers, for example by taking part in live Q&A from
participating companies and in social and community activities both
in the digital and physical world.
Dev Clever, the Client and Aldebaron anticipate that this
bespoke end-to-end solution can provide a transformational and
positively disruptive tool for work experience and recruitment to
manage the longer-term career for many millions of young
individuals whilst concurrently providing a highly tailored and
inclusive solution for many brands, employers and educational
institutions across the world.
Partnership terms
The tactical partnership will enable the Company to commit to a
vastly accelerated 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 over the next three years.
To facilitate this accelerated rollout, Aldebaron in conjunction
with the Client, have undertaken to provide Dev Clever with the
following minimum US$ revenue guarantees for the financial years
ending 31 October:
-- FY21: 5 million
-- FY22: 10 million
-- FY23: 15 million
-- FY24: 20 million
The Partners are expected to enter into complementary long-term
subscription and transaction revenue and profit share arrangements
at the signing of definitive documentation and prior to the full
roll-out of the services. Moreover, there is a rolling option to
extend the Aldebaron partnership for an additional two years with a
minimum additional commitment of US $20 million per annum in favour
of Dev Clever. The Parties will work closely together and expect to
achieve considerable incremental economic and other benefits when
it comes to attracting brands, employers and educational
institutions from becoming active endorsers and participants of the
proposed initiatives as described above.
Aldebaron Equity Purchase Right
In consideration for the tactical partnership between Aldebaron
and the Company and the proposed minimum guaranteed revenue
streams, Dev Clever will grant to Aldebaron :
-- Option to acquire seven million Dev Clever shares at a
nominal value during the period commencing on the date of signing
definitive documentation for the tactical partnership and ending on
the expiry of six months thereafter; and
-- Warrant to subscribe for 60 million Dev Clever shares at a
price of 60 pence per share, exercisable for a period of three
years from the date of grant. This warrant once issued would be
assignable under certain conditions by Aldebaron.
Chris Jeffries, Chief Executive Officer of Dev Clever,
commented:
"This partnership is transformational for the Company and for
the innovative end-to-end proposition we can offer students in
terms of careers guidance. At the same time brands, employers and
educational institutions can through hyper personalisation start to
activate and target young individuals and students much more
effectively. We have made really substantive progress over the past
eighteen months and whilst there is a lot of incremental work to be
done, we are genuinely confident that today is the starting point
of delivering a game-changer solution for our stakeholders in the
relatively near-term future."
Ben Manners, Director of Aldebaron DMCC, commented:
"We are pleased to be partnering with Dev Clever in order to
help accelerate their international rollout plans into the Asia and
MENA regions. The vibrancy and desire to progress in life from
young individuals and students in emerging markets is undiminished.
Aldebaron strongly believes that collaboration and connecting the
right touch points early in life will create much better and
long-lasting connections between youth and relevant education on
the one hand and seamlessly into early and longer-term career roles
and development on the other hand. We believe strongly that the
smart integration of Dev Clever's innovative and proven solutions
with our partner proposition has the clear potential to benefit the
future livelihoods of tens of millions across the world and at the
same time deliver much better outcomes for brands and employers.
That is very clearly worth investing into and that is absolutely
what we intend to do'.
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
Aldebaron DMCC
Ben Manners - via Buchanan Communications +44 (0) 20 7466 5105
Buchanan Communications
Richard Oldworth / Chris Lane +44 (0) 20 7466 5105
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 - 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, Launchyourcareer.com, and virtual reality software
(Victar VR). The business has established a global partnership with
Lenovo to roll 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 is developing and intends to
launch 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 increase consumer engagement, transactional
efficiencies and enhance customer experience within their
venues.
For further information, please visit
www.devcleverholdingsplc.com .
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END
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