Janison Education Group (ASX:JAN) (formerly HJB Corporation Limited) re-commences trading today on the ASX following a successful $10 million capital raising underwritten by Bell Potter Securities to fund global growth initiatives.
The company operates a highly scalable software-as-a-service (SaaS) business model providing integrated corporate learning platforms and large-scale digital assessments.
Established for 20 years, Janison services a range of clients including ASX50 companies, multinationals and government organisations in Australia, New Zealand, Singapore and the UK.
The Group lists on the ASX with a market capitalisation of approximately A$40 million. The Company expects to report positive growth between H1 2017 and H1 2018 in both its businesses in its half year results ending 31 December 2017.
Janison Education Group (ASX: JAN) today re-commences trading on the Australian Securities Exchange (ASX) following a successful capital raising of $10 million led by Bell Potter Securities to fund the company’s global growth initiatives. The capital raising was strongly oversubscribed by a range of institutional and retail investors. The group lists on the ASX with a market capitalisation of approximately $40 million.
Janison has been operating for 20 years as a technology company that provides online learning and digital assessment platforms. The company operates a highly scalable Software-as-a-Service (SaaS) business model through two businesses:
Janison Learning which provides an integrated corporate learning platform for the intelligent delivery of online courses and people development programs; and
Janison Assessment which delivers a platform that distributes large scale digital assessments in the K-12 and higher learning sectors and for language testing.
Janison’s platforms are used across the education lifecycle by education departments, accreditation bodies, tertiary and vocational institutions and corporate clients. The learning platform is used by enterprises across multiple industries, with major clients including Westpac, Rio Tinto and Kinross.
Janison is self-funded and experienced 35% revenue growth between FY16 and FY17, including SaaS revenue growth of 43%. The company has, together with its clients, spent over $20m of capital in developing its intellectual property and its services are primarily delivered on a SaaS basis which allows for attractive gross margins of ~44% (based on FY17 audited accounts).
Janison is led by CEO Tom Richardson, who has more than 20 years’ experience in digital and corporate learning. He is joined by Founder and Commercial Director Wayne Houlden and they are supported by an experienced leadership team.
The Board of Directors is Chaired by Mike Hill, a former Investment Director of Ironbridge and the other non-executive Directors include Brett Chenoweth, the former CEO of APN News and Media and Mannagum Capital’s David Willington. Tom Richardson and Wayne Houlden will also join the Board as Executive Directors.
Chairman Mike Hill said: “The strong investor support for Janison through the IPO process is testament to the great foundation that Janison’s leadership team has established for the business.”
“We believe the growth prospects for Janison are significant and that it enjoys the scale-based benefits of a platform business. Janison’s portfolio of blue chip clients and recent new contract wins will help drive growth in revenue into FY18 and beyond.”
“I welcome all shareholders to Janison and look forward to the journey ahead as the company embarks on the next stage of its development.”
CEO Tom Richardson said: “Our purpose at Janison is to transform the way people learn. That is the underlying passion that has driven the business for more than 20 years.”
“Janison is an innovator and leader in digital learning, pioneering projects in Australia such as the first, state-wide, digital science assessment in 2010 and digitising NAPLAN for the Australian Government to enable its release to students across the country in 2018.”
H1 FY18 highlights for Janison include ongoing successful work on NAPLAN, ongoing work with the Singapore Education and Assessment Board (SEAB) and a project with Temasek Polytech in Singapore. The company is also mid-way through a project with the Institute of Technical Education (ITE) in Singapore to build its digital assessment platform. Importantly, the ITE platform utilises Janison intellectual property addressing the specific functionality required for penetration into the attractive Institute of Higher Learning (IHL) sector.
The company has recruited a number of new leaders to support the growth of the business and invested in re-branding and digital marketing to increase awareness of a business which has to date been a ‘well-kept secret’. The funds from the company’s listing on the ASX will be used to further accelerate product development and increase business development initiatives.
To expand the business into Europe, Janison’s founder, Wayne Houlden, will relocate in February 2018 to open an office in London and leverage the footprint Janison has with the language testing platform it has built for the British Council this year.
Janison continues to be active in tendering for new projects including significant opportunities in various offshore jurisdictions.
Janison will release its financial results for the half year to 31 December 2017 in February 2018 in accordance with its financial reporting obligations as a ASX-listed company and the Company expects this to positive growth between H12017 and H12018 in both its business divisions.
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