Sydney-based education software as a service (SaaS) company OpenLearning has launched its $6 million IPO, with plans to land on the Australian Securities Exchange (ASX) by the end of 2019.
Led by founder and CEO Adam Brimo (pictured), OpenLearning is one of the world's largest online learning platforms that enables education providers to deliver effective courses on a global scale.
The education platform enables users to discover new courses or degrees and generates micro-credentials that are automatically added to e-portfolios, allowing learners to demonstrate their skills to potential employers.
Since its founding in 2012, OpenLearning has delivered courses on a massive scale to more than 2.4 million students across 180 countries, and in 2015 the group expanded into Southeast Asia to expand its target market to Malaysia.
The IPO is backed by an experienced board including former CEO and managing director of ASX-listed Navitas (ASX: NVT) David Buckingham, VP and MD of Twitter APAC Maya Hari, MD of Thakral Capital Australia and chairman of ICS Global (ASX: ICS) Kevin Barry, and chairman of Splitit (ASX: SPT) and former executive general manager corporate and institutional banking at NAB (ASX: NAB) Spiro Pappas.
The company plans to lodge its prospectus with the Australian Securities and Investment Commission on October 31 and is seeking to issue 30 million shares to raise $6 million at a price of $0.20 per share.
If the offer is successful, the company anticipates a late November listing under the ticker code 'OLL'.
The company plans on using the $6 million to pursue growth initiatives like acquiring new customers and improving current customer engagement, maintaining its market position in Australia and Malaysia, and developing and growing online sales to penetrate new markets.
Brimo says the listing will enable OpenLearning to pursue its strategic growth plan.
"OpenLearning is at the forefront of the next generation of online education and believe that we have the potential to become Australia's next major SaaS company," says Brimo.
"With OpenLearning, we can help learners, companies and education providers worldwide to meet the challenges presented by the future of work and the fourth industrial revolution, delivering the transformative education they need in an enjoyable and interactive way."
Business News Australia
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