DEV.L Regulatory News (DEV)

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

30 September 2021

Dev Clever Holdings plc

('Dev Clever', the 'Group' or the 'Company')

Update on Agreement with Veative

Dev Clever (LSE: DEV), a leading developer of mobile and immersive experiences, is pleased to provide an update on the comprehensive agreement with Veative Labs Pte Ltd (Singapore) ("Veative"), which was announced on 12 April 2021.

The parties continue to work towards completing the acquisition by Dev Clever of the entire issued share capital of Veative Labs Private Limited ("VLPL"), a wholly-owned Indian subsidiary of Veative. This process has been elongated, inter alia, by the COVID related restrictions that were in place in India earlier this year and the parties remain committed to closing the transaction as soon as practically possible. It has been agreed by Dev Clever and Veative that the consideration for the acquisition for VLPL will be amended to the issuance of 175 million new ordinary shares in the Company with no earn out provision in reflection of the progress in delivering key milestones that have already been achieved in entering the Indian market. Completion of the VLPL acquisition remains subject to the publication of a prospectus approved by the FCA.

It has also been agreed that the call option over certain Veative immersive educational materials that are bespoke to the Indian market will now be able to be exercised after 13 April 2022.

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For further information please contact:

Notes to Editors:

Dev Clever Holdings plc, together with its wholly-owned subsidiaries, 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 (its primary focus) and Agency Services (its secondary focus).

Educate Division:

Through Educate, Dev Clever aims to reduce the global skills shortage by delivering an enhanced careers guidance service via its online platform, Launchmycareer.com, and virtual reality software (Victar VR). The business has established a global partnership with Lenovo to roll out its service worldwide, with offerings already on the market in the UK, US and Canada. Dev Clever is also focused on the Indian market and has partnered with its National Independent Schools Alliance (NISA) and content provider Veative to provide a comprehensive service offering within Indian budget private schools. Through this, the business has been developing and has launched a direct-to-consumer offering in India.

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 incentivise consumer participation, increase engagement, improve transactional efficiencies and enhance the user experience. The wealth of experience gained having successfully provided hundreds of digital consumer and employee incentive experiences for global brands, businesses and educators via the Company's proprietary platform, Engage, is now focused on enabling employers to better engage with existing employees to up-skill them and to identify their future workforce via the Launchmycareer.com platform. The division is being re-branded to Launchmycareer.com Professional Services.

For further information, please visit www.devcleverholdingsplc.com