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Dev Clever shares slide on strategic update
28th Oct 2019 11:01
(Sharecast News) - Career development platforms provider Dev Clever Holdings updated the market on its 'Educate' platform on Monday, reporting that its "innovative" careers guidance platforms were now fully live.
The London-listed company said sales resourcing and marketing activity had started in line with its strategy of commencing with the start of the new academic year.
It added that it had secured strategic collaborations and partnerships to enable it to capitalise on the immediate UK market opportunity, which it estimated to be in excess of £100m per annum.
The company said it aimed to secure 10% of that UK market opportunity by 2023, adding that its Educate platforms were offered on a 36 month software-as-a-service based licence subscription.
It explained that it had started work on localising the platforms for other markets, and collaborating on the strategy to roll out the Educate platform to other territories, starting with North America in 2020.
The company estimated the US education market was approximately six times larger than that of the UK.
"Five years ago, we identified the need to develop an innovative, 'Clever' solution that would centralise and revolutionise the delivery of careers guidance across the entire careers and workplace skills development sector, a sector that has a vital impact on the current and future global economy," said chief executive officer Chris Jeffries.
"Knowing that the government had also identified this and highlighted that changes were going to be made to enforce the delivery of a higher standard of careers guidance across the UK from 2019, Dev Clever has made significant internal investment in proprietary platforms, products and infrastructure and as a business we have been strategically gearing up for this exact moment.
"We are now fully focused on commercialising the substantial opportunity our technology offers as we enter what we believe will be a period of transformational growth."
As at 1057 GMT, shares in Dev Clever Holdings were down 22.46% at 2.36p.
The London-listed company said sales resourcing and marketing activity had started in line with its strategy of commencing with the start of the new academic year.
It added that it had secured strategic collaborations and partnerships to enable it to capitalise on the immediate UK market opportunity, which it estimated to be in excess of £100m per annum.
The company said it aimed to secure 10% of that UK market opportunity by 2023, adding that its Educate platforms were offered on a 36 month software-as-a-service based licence subscription.
It explained that it had started work on localising the platforms for other markets, and collaborating on the strategy to roll out the Educate platform to other territories, starting with North America in 2020.
The company estimated the US education market was approximately six times larger than that of the UK.
"Five years ago, we identified the need to develop an innovative, 'Clever' solution that would centralise and revolutionise the delivery of careers guidance across the entire careers and workplace skills development sector, a sector that has a vital impact on the current and future global economy," said chief executive officer Chris Jeffries.
"Knowing that the government had also identified this and highlighted that changes were going to be made to enforce the delivery of a higher standard of careers guidance across the UK from 2019, Dev Clever has made significant internal investment in proprietary platforms, products and infrastructure and as a business we have been strategically gearing up for this exact moment.
"We are now fully focused on commercialising the substantial opportunity our technology offers as we enter what we believe will be a period of transformational growth."
As at 1057 GMT, shares in Dev Clever Holdings were down 22.46% at 2.36p.