OpenLearning Limited | Media Release | 27 November 2019Australian Catholic University makes strategic investment in OpenLearning’s IPO
Key HighlightsHigher education software as a service (SaaS) company OpenLearning has secured a strategic investment of AUD $1 million from Australian Catholic University (‘ACU’) in its IPO It is ACU’s first investment in an IPO and one of its few direct investments in a technology company ACU’s investment in OpenLearning aligns with the university’s strategic plan, which includes a focus on innovation, student-centred education and lifelong learning
OpenLearning opened its offer on 13th November and closed it early on 18th November after receiving demand well in excess of the up to AUD $8 million it sought to raise in the IPO OpenLearning intends to list on the Australian Securities Exchange (ASX) in early December 2019 under the ticker code ‘OLL’ Sydney, Australia, November 27, 2019: Higher education software as a service (SaaS) company OpenLearning Limited (‘OpenLearning’ or ‘the Company’) is pleased to announce that it has secured a cornerstone investment from Australian Catholic University (‘ACU’). ACU has committed to purchase 5,000,000 shares at the IPO issue price of AUD $0.20 per share, for a total investment of AUD $1 million. ACU chose to invest in OpenLearning due to the Company’s alignment with ACU’s 2020-2023 Strategic Plan, which has a focus on innovation and key strategic priorities that include student-centred education, research-informed learning and teaching and a culture of innovation. The investment represents ACU’s first strategic investment in an IPO and its first direct investment in a technology company for many years, according to ACU Chief Financial Officer Scott Jenkins.OpenLearning is a SaaS company that provides a next-generation online learning platform for education providers to design and deliver high-quality courses that prepare learners for the future of work by leveraging a research-backed student-centred and project-based learning approach. Founded in Sydney in 2012, OpenLearning has become one of the world’s largest online education platforms with 1.65m learners, 7,953 courses and 55 education providers, primarily in Australia and Southeast Asia. Additionally, OpenLearning is an innovator in the field, and extends existing educational theory to not only the design of its learning platform, but by providing a launch pad for new academic research.The Company is led by Executive Director and Group CEO Adam Brimo who is backed by a Board with experience in the higher education sector, which includes: Emeritus Professor Beverley Oliver, former Deputy Vice-Chancellor Education at Deakin University, and David Buckingham, former CEO and Managing Director of Navitas Limited (ASX:NVT).To date, OpenLearning has partnered with nine of Australia’s 43 universities to design and deliver accredited and non-accredited online courses or degrees through its platform. OpenLearning lodged its prospectus with the Australian Securities and Investment Commission on 5th November 2019 and is seeking to issue 30 million shares to raise a minimum of AUD $6 million at a price of AUD 0.20 per share, with the ability to accept oversubscriptions of AUD $2 million, resulting in an expected market capitalisation of AUD $28 million at listing. Prior to ACU’s investment, OpenLearning had already received strong support for its IPO, receiving commitments of in excess of AUD $5 million from institutional investors. ACU is the first Australian university to invest in OpenLearning’s IPO. OpenLearning closed the offer on 18th November 2019 after receiving applications from investors well in excess of the maximum raise of AUD $8 million. OpenLearning’s expects to list on 6th December 2019 under the ticker code ‘OLL’.Australian Catholic University Deputy Vice-Chancellor (Education and Innovation) Professor Zlatko Skrbis said: “ACU’s investment in OpenLearning is a strategic one that perfectly aligns with our innovation agenda. We are exploring a range of further investment opportunities that have a positive impact on our staff, students, partners and communities. We are excited to support OpenLearning, a company which we believe shares our commitment to the pursuit of knowledge by creating opportunity and fostering innovation and ethics to bring a unique perspective to higher education.”OpenLearning CEO Adam Brimo said: “We are very proud to have secured this cornerstone investment from ACU, a university renowned for the quality of its learning and teaching. In Australia, it is rare for universities to invest in technology companies so this investment is a testament to the real and positive impact that OpenLearning is having on learners, higher education providers and the Australian education technology sector. We are thankful for the support and trust that all of our investors have placed in OpenLearning and our team is passionate about providing a platform and business in line with our values. We look forward to developing our partnership with ACU and supporting their strategic priorities. OpenLearning received commitments well in excess of AUD$8 million so we have closed the offer and we are confident that we will be able to list this December.”Ends.About OpenLearningOpenLearning Limited is a software as a service company that provides a scalable online learning platform to education providers and a global marketplace of world-class courses for learners of all levels worldwide. OpenLearning’s platform enables the delivery of project-based, social learning to encourage interaction among users and foster a community of collaborative learners. The company’s unique service provides a complete learning environment for all types of online education - from short courses through to micro-credentials and online degrees. With more than 1.65 million learners in over 165 countries worldwide, OpenLearning is at the forefront of education delivery. To learn more, please visit: www.solutions.openlearning.comAbout Australian Catholic UniversityACU is a young university and one of the fastest growing in Australia. It is ranked in the top 2 per cent of all universities worldwide1, the top 40 Generation Y universities worldwide2 and in the top 10 Catholic universities3. It has eight campuses around Australia, and a campus in Rome, Italy, with its newest campus in Blacktown, Western Sydney to open in 2021.The university’s students and staff are at the centre of a vibrant global network of scholars, partnerships and opportunities. All ACU courses offer work placements, internships with leading companies, or volunteering opportunities. By fostering and advancing knowledge in education, health, commerce, the humanities, the sciences and technologies, law, and the creative arts, ACU is closely integrated into its communities and industries, working with them to answer the big questions, and to create tangible results. Its research programs tackle enduring and pressing issues in society, in Australia, and around the world. To learn more, please visit: www.acu.edu.au Company Enquiries OpenLearning LimitedAdam BrimoCEO & Managing [email protected] Enquiries The Capital NetworkJulia MaguireExecutive [email protected]+61 419 815 386
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