Total
0
Shares
Image Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • ReadCloud,leading provider of software solutions in Australia, has reported exciting updates for the 2019 school year and 2019 financial year.
  • ReadCloud’s eBook brings digital content to students and teachers across secondary schools in Australia.
  • Bulk-buying discount with Oxford University Press will accelerate sales conversions
  • Digitisation and integration of ATP bookstore – completion expected within a few months

ReadCloud’s eBook brings digital content to students and teachers across secondary schools in Australia. The eBooks allow students and teachers to share notes, questions, videos and web links directly in the eBook. This turns the platform into a place for collaborative, social learning which has proven to be effective for learners.

ReadCloud has reported 18 new schools have agreed to or have already entered into trials of the ReadCloud platform in preparation for next year. Three schools have committed to multi-year contracts and one has committed to a full 2020 roll-out. The company is confident in the outcome of these trials as it has had significant success converting trial schools into paying customers.

ReadCloud’s revenue from existing schools in FY19 tree by 22 per cent compared to FY18. The improvement is owed to the expansion of the ReadCloud platform. The company expect this trend will continue.

The company is currently trying to implement a bulk-buying opportunity for over 200 member schools within the Queensland Secondary Principal Association (QSPA). Its exclusive agreement with QSPA presents a significant opportunity because if the bulk buying opportunity is in place over 200,000 students can take advantage of the discount by purchasing their digital resources through the company’s platform.

The company sources its content from renowned and reputable publishers such as Oxford University Press, Macmillan, Penguin Random House and Harper Collins. ReadCloud is working with Oxford on a direct integration with Oxford’s platform that will eliminate the need for passwords when accessing either platform. This is intended to benefit the user experience.

ReadCloud also proudly provides digital Vocational Education and Training (VET) course materials and services to schools through the Australian Institute of Education and Training (AIET). So far, the FY19 has seen a generated revenue of over $900,000 in the VET sector.

A three-year agreement with Australian Training Products (ATP) will see the integration of ATP’s entire eBookstore into the ReadCloud platform. This will greatly benefit users, particularly VET students. Completion of this process is expected within the next few months.

ReadCloud will be participating in joint marketing events with ATP, including the 2019 Queensland Schools VET Conference and the 2019 National VET Conference.

The company believe it is ‘well placed for strong organic growth.’

RCL by the numbers
More From The Market Herald

" Dynamic Group (ASX:DDB) secures six short term contracts worth up to $14.1m

Dynamic Group (DDB) has secured six short-term contracts through its wholly-owned subsidiaries, Orlando Drilling and Drill & Blast.
HGL (ASX:HNG) - Executive Director, Joseph Constable

" HGL (ASX:HNG) launches $15m placement

HGL (HNG) is planning to raise $15 million through a private and conditional placement.
EROAD (ASX:ERD) - CEO, Steven Newman

" EROAD (ASX:ERD) sees strong growth in H1 FY22

Transportation technology company EROAD (ERD) has released its financial results for the first half of the 2022 financial year.
Prophecy International (ASX:PRO) - CEO, Brad Thomas

" Prophecy International (ASX:PRO) delivers ARR growth

Prophecy International (PRO) said it has reported continued growth in subscription-based annualised recurring revenue (ARR).