OpenLearning (ASX:OLL) has signed a five-year, usage-based software-as-a-service (SaaS) agreement with Cebu Institute of Technology University in the Philippines, according to a Wednesday filing with the Australian bourse.

Under the deal, the University will deploy the company's learning

management system (LMS) across all its faculties and programs, the filing said.

The agreement will generate about AU$340,000 in contracted fees over the term, with potential for additional revenue based on usage, the filing added.

The company said the minimum annual fees earned under the agreement are not financially material, the company said.

Shares of the company rose 7% in recent Wednesday trade.