Education and technology company Schrole (ASX:SCL) wants schools to secure the best teachers and save time on administration so they can focus on the important job of teaching the next generation.
The Perth-based startup, which listed on the Australian Securities Exchange (ASX) on Thursday, provides schools with innovative talent management solutions and consulting services for staffing and recruitment challenges.
Schrole closed its capital raising early and oversubscribed last month, raising the maximum subscription of $6 million. The company has an implied market capitalisation of $11.7 million and debuted on the ASX on Thursday at 3 cents per share, a 50% premium to the offer price of 2 cents per share. Alto Capital was the Lead Manager Xcel Capital was Co-Lead to the offer.
Schrole listed via a Reverse Takeover (RTO) of Aquaint Capital, paying approximately $2 million in cash and shares for the property investor which went into administration last June.
Founded and led by former school principal Rob Graham, Schrole has three primary products – Schrole Connect, Schrole Cover and Schrole Develop – being used by over 200 schools in more than 30 countries.
Schrole Connect is an online Software-as-a-Service (SaaS) platform for efficient and effective recruitment of international school teachers. Schrole Cover is a cloud-based SaaS platform for the fast filling of casual staffing positions, and Schrole Develop provides Australian-accredited leadership training and strategic consulting services to schools.
Graham says that the company’s software sales have improved year-on-year over the past three years despite having limited cash available to further develop its products. By listing on the ASX, Graham believes that Schrole will be able to focus on marketing the company’s products and driving revenues higher.
“The successful completion of this capital raising ensures that we will be able to progress our development plans and continue to deliver top-class educational products worldwide,” he said.
Although Schrole is focused on education technology, its products have the potential for more widespread applications.
Since lodging its prospectus in August, Schrole has been awarded a tender to implement a staff messaging system for Sir Charles Gairdner Hospital in Western Australia. The system will be implemented in the coming months using a “white labelled” version of Schrole Cover.
“The tender with Sir Charles Gairdner Hospital indicates the scope for application of our Schrole Cover system beyond schools,” Graham said. We are pleased to be able to confirm we will be providing this service to hospitals, and will be actively investigating further opportunities for Schrole Cover in healthcare and other industries.”
