SYDNEY, AUSTRALIA: OpenLearning Limited (ASX: OLL), the AI powered SaaS platform for lifelong learning, has signed a binding business and asset sale agreement to acquire three leading Australian higher education marketplaces, expanding the student acquisition capabilities it offers to customers.
Annually, the marketplaces attract over 800,000 users and list over 15,000 courses and degrees from 70 institutions.
The websites for the marketplaces are:
• PostGradAustralia.com.au
• TheUniGuide.com.au
• StudyNewZealand.nz
The marketplaces are profitable, generating revenue from listing fees paid by higher education providers to promote their institutions and courses. Customers include Australian universities, private higher education colleges and registered training organisations.
Under the terms of the agreement, the marketplaces will be acquired for a maximum total cash consideration of $300,000 on a debt-free and cash-free basis. Completion of the transaction is subject to both parties meeting all conditions, within a timeframe of 90 days.
The marketplaces are currently owned and operated by Prosple, a leading global internship and graduate job platform. The vendor considers the marketplaces to be outside its core business and it decided to divest the assets.
OpenLearning Group CEO & Managing Director Adam Brimo said: “We are excited about the opportunity to acquire these value-accretive online higher education marketplaces. This acquisition will enhance our platform’s value proposition, diversify our product mix and provide exciting cross-selling opportunities. We have seen growing interest from education providers in the past year to leverage OpenLearning to promote their courses, hence these marketplaces are highly complementary to our current platform offering. We look forward to working with Prosple to complete the transaction within the agreed timeframe.”
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