Dev Clever Holdings PLC Update on agreement with Veative (4595N)
30 September 2021 - 04:00PM
UK Regulatory
TIDMDEV
RNS Number : 4595N
Dev Clever Holdings PLC
30 September 2021
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).
30 September 2021
Dev Clever Holdings plc
('Dev Clever', the 'Group' or the 'Company')
Update on Agreement with Veative
Dev Clever (LSE: DEV), a leading developer of mobile and
immersive experiences, is pleased to provide an update on the
comprehensive agreement with Veative Labs Pte Ltd (Singapore)
("Veative"), which was announced on 12 April 2021.
The parties continue to work towards completing the acquisition
by Dev Clever of the entire issued share capital of Veative Labs
Private Limited ("VLPL"), a wholly-owned Indian subsidiary of
Veative. This process has been elongated, inter alia, by the COVID
related restrictions that were in place in India earlier this year
and the parties remain committed to closing the transaction as soon
as practically possible. It has been agreed by Dev Clever and
Veative that the consideration for the acquisition for VLPL will be
amended to the issuance of 175 million new ordinary shares in the
Company with no earn out provision in reflection of the progress in
delivering key milestones that have already been achieved in
entering the Indian market. Completion of the VLPL acquisition
remains subject to the publication of a prospectus approved by the
FCA.
It has also been agreed that the call option over certain
Veative immersive educational materials that are bespoke to the
Indian market will now be able to be exercised after 13 April
2022.
-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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