DEV.L Regulatory News (DEV)

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

NOT FOR PUBLICATION OR RELEASE IN OR INTO THE UNITED STATES OR AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF IRELAND OR THE REPUBLIC OF SOUTH AFRICA, OR ANY PROVINCE OR TERRITORY THEREOF OR TO OR FOR THE ACCOUNT OF ANY NATIONAL, RESIDENT OR CITIZEN OF THE UNITED STATES OR ANY PERSON RESIDENT IN AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF IRELAND OR THE REPUBLIC OF SOUTH AFRICA.

 3 February 2021

Dev Clever Holdings plc

("Dev Clever" or the "Company")

Trading Update: Significant Growth Momentum

Dev Clever (LSE: DEV), a leading developer of online and immersive career guidance and development platforms and consumer engagement experiences, is pleased to provide the following trading update:

Summary on Trading

The Company made significant progress in the last financial year, ended 31 October 2020 ("FY 2020"), and achieved accounting revenues of £1.2m, subject to audit, and booking revenues of £2.4m. This represents an increase from £480k and £500k respectively from the previous financial year and is in line with management's expectations, reflecting the considerable progress the Company made during the year. This progress is summarised below.

The momentum has accelerated since the start of the new financial year ("FY 2021"). Dev Clever's achieved accounting revenue in Q1 2021 alone was broadly the same as for the entirety of FY 2020. Booking revenues were substantially ahead of management's expectations and, as a result, the Company expects the rapid acceleration to continue throughout the remainder of FY 2021. Furthermore, the Company's capital strength has increased substantially and is due to continue increasing substantially in the near term. This enables the Company to accelerate investments in additional complementary growth and value generating initiatives.

FY 2020 Commentary

The Company made considerable progress in both its Educate and Agency Services divisions, including:

· Signing an exclusive three-year global distribution agreement with Lenovo, providing a direct route to the global EdTech market for Dev Clever's core careers education products, Launchyourcareer.com and VICTAR VR.

· Localising and launching Launchyourcareer.com and VICTAR VR for the US and Canadian markets.

· Undertaking the successful pilot of a Virtual Open Week with schools, colleges and employers across the West Midlands, demonstrating the ability of Launchyourcareer.com to co-ordinate multiple broadcasts across many user groups concurrently.

· Partnering with Veative Labs Pte. Ltd ("Veative"), a leading provider of online and immersive learning to the education sector, to enable the integration, cross-marketing and selling of products and services to provide a compelling careers development and learning programme, in and out of the classroom, on a global basis.

· Completing the acquisition of Phenix Digital Limited, a multi-service digital agency within the education sector, enhancing the Company's sales and marketing capability and strengthening the Agency Services offering.

· Entering into a three-year commercial partnership with Low6 LTD, a leading provider of mobile pool betting applications, to enable Low6's mobile quiz-based pool betting application, PubWars, to be integrated with the Engage platform and PubPal, the Company's mobile and contactless ordering and payment service.

Post Year End Developments

Since the year end, the Company has entered into a five-year exclusive partnership agreement with Veative and the National Independent Schools Alliance ("NISA"), India's largest governing body for budget private educational institutions. This agreement will see all parties execute an implementation and rollout schedule that will result in Dev Clever's Launchyourcareer.com platform being utilised by NISA as the platform-of-choice to deliver a minimum standard of career guidance across its affiliated schools. NISA represents over 70,000 budget private schools in India, attended by c.13 million students. Dev Clever will also be launching a B2C subscription model in the Indian market in late financial Q2 to provide extended functionality and additional access to careers development content at students' homes.

In addition, Dev Clever very recently executed another material EdTech and services contract. The details of this comprehensive partnership agreement are currently subject to an NDA, which expires when this innovative proposition goes live for general availability. This is expected to occur in the second half of the 2021 calendar year.

Capital Initiatives

In May 2020, the Company entered into an agreement with Intrinsic Capital Jersey Limited ("ICJL") to raise up to £10.0m in four subscription tranches at a fixed price of 10 pence per ordinary Dev Clever share, which was a material premium to the prevailing share price at the time.

On 1 September 2020, ICJL was acquired by Asimilar plc, an AIM-quoted technology investment company. To date ICJL has subscribed for the first two tranches totalling £4.0m before expenses. Recently, ICJL and the Company revised the remaining agreement such that the residual two tranches totalling £6.0m before expenses can be subscribed for by ICJL on or prior to 28 February 2021 or otherwise automatically lapse. As a result of the revised agreement, the Company agreed that ICJL will be unconditionally granted 50 million assignable warrants to subscribe for ordinary shares at 25 pence. In the event that ICJL decides to exercise these warrants in full it would raise a further £12.5 million of equity capital for the Company.

Dev Clever announced on 2 February 2021 that it had entered into an agreement with One Nine Two Pte Limited ("192 Pte") to raise up to £10.0m in two tranches. The initial £4.0m subscription, at 20 pence per share ("Initial Subscription"), will complete shortly after a General Meeting of the Company has taken place on 19 February 2021. The second subscription tranche of £6.0m will automatically complete at 30 pence per share ("Further Subscription") should the Dev Clever share price reach a mid-market closing price of 34 pence per share for five consecutive business days within nine months of the Initial Subscription and subject to the publication by the Company of an FCA approved prospectus.

In addition, 192 Pte will be granted a warrant over 40 million ordinary shares on completion of the Further Subscription, exercisable at 50 pence per ordinary share at any time up until the second anniversary of the completion of the Initial Subscription. In the event that 192 Pte decides to exercise this warrant in full it would raise a further £20.0 million of equity capital for the Company.

The ICJL and 192 Pte investments have significantly strengthened the Company's balance sheet and its ability to accelerate and support the growth of its core business in the near term. The Board will continue to pursue future growth and expansion initiatives targeting opportunities that deliver tangible long-term shareholder value.

Chris Jeffries, Chief Executive Officer of Dev Clever, commented:

"Despite the significant external challenges that all of us have and continue to encounter as a result of the COVID-19 pandemic, Dev Clever was able to deliver a strong operational performance as a business during the past financial year. We built out a suite of education and hospitality products and combined these with a number of innovative partnership agreements.

"Our accelerated growth is evidenced by exceptional current trading, with Q1 revenue this financial year being similar to that achieved in the whole of the previous financial year. We are excited about the impending launch in India which, combined with our forward momentum and alongside our ongoing rollout initiatives with Lenovo, should turn 2021 into a transformational year for Dev Clever.

"The EdTech sector is evolving more rapidly as home schooling and adaptation of technology solutions is gathering pace at a considerably faster rate than most anticipated one or two years ago. We certainly expect these growth trends to accelerate further. As an organisation, we are confident that Dev Clever will emerge as one of the EdTech market leaders in the years to come".

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For further information please contact:

Notes to Editors

Dev Clever Holdings plc, together with its wholly owned subsidiary DevClever Limited, is a software and technology group based in Tamworth, United Kingdom, specialising in the use of lightweight integrations of cloud-based VR and gamification technologies to deliver rich customer engagement experiences across both the education and commercial sectors. In January 2019, Dev Clever listed on the Standard List of the London Stock Exchange. The Group's core focus is the development and commercialisation of its core platforms:

Educate Division:

Careers guidance and recruitment solution that offers secondary schools, colleges, universities, apprenticeship providers and employers with a range of digital products to more efficiently recruit and develop applicants and skills within their institutions and organisations.

Agency Services:

The Company's agency services division provides customers from the retail, brand and hospitality sectors with bespoke application and customisation of the Group's proprietary cloud-based products in order to increase consumer engagement, transactional efficiencies and enhance customer experience within their venues, our products include:

Engage: a proprietary cloud-based gamification solution that offers brands and retailers a range of products to drive higher levels of consumer engagement via the use of digitally redeemable incentives at the same time as fully controlling spend.

PubPal: a proprietary, cloud based mobile, contactless ordering and payment product developed to support the independent hospitality sector. Offered as a Software-as-a-Service ("SaaS") platform, PubPal is a stand-alone product that provides venue operators with a light touch mobile ordering system that doesn't require customers to download a mobile app. PubPal is an easy to implement solution that requires no upfront cost or the need for operators to have compatible Electronic Point of Sale software.

Experience: a multi-user virtual reality (VR) framework and augmented reality framework that enables customers of our Engage and Educate channels to extend their customer and student experiences through VR.

For further information, please visit www.devcleverholdingsplc.com.