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OpenLearning (ASX:OLL) - CEO & Managing Director, Adam Brimo - The Market Herald
CEO & Managing Director, Adam Brimo
Source: The Australian
  • Higher education software as a service (SaaS) company OpenLearning (OLL) has signed multiple agreements with Open Universities Australia (OUA)
  • These agreements will see OpenLearning deliver micro-credentials from Australian universities to be promoted on OUA's marketplace
  • Micro-credentials are qualifications that individuals choose to study to improve skills in a particular area
  • To support the launch, a $750,000 Open Microcredential Development Grant (OMDG) will be created to support the creation of courses
  • OpenLearning has also completed the OpenCreds micro-credential framework which provides a common structure for the delivery of micro-credentials across the higher education and vocational education sectors
  • In partnership with OpenCreds, the company has launched the OpenCreds Investment Fund (OIF) to support education providers as they move online
  • OpenLearning shares have ended the day 10.4 per cent in the red with shares trading for 21.5 cents each

Higher education software as a service (SaaS) company OpenLearning (OLL) has signed multiple agreements with Open Universities Australia (OUA).

Three agreements have been signed and they will see OpenLearning deliver micro-credentials from Australian universities to be promoted on OUA's marketplace.

Micro-credentials are qualifications that individuals choose to study to improve their skills in a particular area. They are achieved online and once completed a digital certification will be issued.

It's hoped that these three new agreements will provide universities with a low-risk pathway into the micro-credential market.

To speed up the growth of the marketplace, OpenLearning and OAU will jointly fund the setup and design costs.

Additionally, a $750,000 Open Microcredential Development Grant (OMDG) will be created to support the creation of courses.

"Microcredentials will be a strong complement to the 2000 individual units of study we already provide access to today, and the design of the Open Microcredential Development Grant will support Australian universities to develop and distribute them nationally," OUA CEO Stuart Elmslie said.

"Our aim is to help Australians access targeted education with a focus on job readiness for the future," he added.

OpenLearning will receive a fixed usage-based SaaS fee for each enrolment in a course delivered via OAU's OpenLearning platform.

OpenCreds

OpenLearning has also completed the OpenCreds micro-credential framework and it's now available to Australian education providers via the OpenLearning platform.

OpenCreds provides a common structure for the delivery of micro-credentials across the higher education and vocational education sectors.

While not yet concrete, it is believed that education providers will charge fees to enrol in OpenCreds.

OpenCreds Investment Fund

In partnership with OpenCreds, OpenLearning has launched the OpenCreds Investment Fund (OIF) to support education providers as they move online.

In exchange for the investment, OpenLearning will receive a significant portion of the revenue collected from student fees.

OpenLearning expects these funds to be deployed over the next 12 months.

Agreement with DeakinCo

Finally, OpenLearning has also signed a 1.5 year platform agreement with DeakinCo to focus on workforce capabilities.

DeakinCo has already adopted OpenCreds and currently has a range of courses under development.

"Today's announcements are transformative for OpenLearning. We're excited to work with OUA to provide a delivery platform for micro-credentials and to support Australian universities through the jointly funded OMDG," OpenLearning CEO and Managing Director Adam Brimo commented.

"These initiatives are likely to expand our reach across Australian universities and increase adoption of OpenCreds, which we aim to become the industry standards for micro-credentials in Australia," he said.

OpenLearning has ended the day, July 13, 10.4 per cent in the red with shares trading for 21.5 cents each.


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