OpenLearning Signs $1 million Platform and Content License Agreement with Asia Pacific International College for Artificial Intelligence units in their Master of Information Technology program
OpenLearning Limited (ASX: OLL) has signed a $1.07 million Platform and Content License Agreement with Asia Pacific International College (APIC) for AI units in their Master of Information Technology program.
The agreement spans 3 years and involves OpenLearning providing APIC with its AI-powered SaaS platform and content for three specialized AI units.
APIC, with campuses in Sydney, Melbourne, and Brisbane, serves over 4,000 students annually and expects the new AI courses to generate an additional $10 million in revenue over two years.
The collaboration includes technical support, staff training, and data analytics services from OpenLearning, but does not involve teaching or marketing the units.
Fees for the agreement are based on student enrollment, with $0.35 million due in 2024 and $0.36 million annually for the next two years.
OpenLearning's AI Assistant and Course Builder were highlighted as key technologies enabling the rapid development and adaptation of courses to meet industry demands.
The company is exploring similar agreements with other universities and institutions in the technology and health sectors.
The agreement with APIC, a subsidiary of the Education Centre of Australia (ECA), was deemed to be on commercial terms and in the best interest of OpenLearning and its shareholders.
OpenLearning is an AI-powered SaaS platform for lifelong learning, partnering with over 220 education providers and serving over 3 million learners globally.
This announcement is a summary of the company approved ASX announcement on 08/3/2024.