OpenLearning (ASX: OLL) is planning to add digital work-readiness content and experiential learning programs in a deal with the Education Centre of Australia (ECA) group to acquire its Employability Advantage business and associated assets.
The two parties have agreed to place a total consideration of $1 for the deal on the basis that Employability Advantage will not be transferring customer contracts or associated liabilities to OpenLearning as part of the acquisition.
OpenLearning assessed the value of the assets ECA will be transferring – which largely comprise digital media accounts, domain names and digital content – as immaterial in accordance with the company’s accounting policies.
OpenLearning says the value of the assets lies in the strategic fit and the opportunity to integrate high-quality work-readiness content and services into the company’s existing SaaS platform, rather than in any standalone commercial value of the assets themselves.
Chief executive officer Adam Brimo said the acquisition would expand the range of digital content and services that OpenLearning delivers.
“By delivering Employability Advantage’s programs on our learning management software, we can demonstrate new use cases for our customers and support institutions in preparing learners for the workforce through scalable, engaging and outcome-focused online experiences,” Mr Brimo said.
The Australian Securities Exchange has granted OpenLearning a waiver to permit the acquisition without obtaining shareholder approval.
Under the Upskill brand, Employability Advantage has developed a suite of work-readiness tools including skills diagnostics, resume generators, interview simulators and short courses focused on career preparation.
Head of operations Loren D’Souza said Employability Advantage had designed the resources that OpenLearning will now deliver to complement and enhance formal education.
“Our curated resources, bootcamps and experiential learning guide graduates toward professional readiness,” Ms D’Souza said.
“These programs will now be scaled up and delivered globally by utilising OpenLearning’s advanced learning management system, ensuring students are well prepared for their first jobs.”
As a condition to the acquisition, Ms D’Souza will become an employee of OpenLearning.
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