KneoMedia’s education platform to be rolled-out in largest deployment to-date in New York City school system
The deployment is expected to generate US$6 million (A$9 million) in licencing fees to KneoMedia over three years, and will be paid in full in the first year.
Software as a service (SaaS) education technology provider KneoMedia (ASX: KNM) has locked-in US$6 million (A$9 million) in licencing fees via the largest ever deployment to-date of the ‘Connect All Kids’ education initiative.
The Connect All Kids initiative is a United States-focused collaboration between KneoMedia, Dell Technologies and the National Association for the Advancement of Colored People (NAACP).
Connect All Kids aims to build a software solution that provides broader access to technology and world-class educational products.
Under the latest deployment, 40,000 Dell Chromebooks with the KneoWorld platform will be rolled-out to 11 school districts in New York City.
The KneoWorld platform offers curriculum-based reading, math, STEM and social and emotional learning solutions for children from pre-kindy through to year eight in the US and around the world.
Deployment value
According to KneoMedia, the total deployment is valued at US$24 million, and the company will receive US$6 million (~A$9 million) of this for a three-year licencing period.
The US$6 million fee will be paid upfront in the first year.
“This major expansion of the Connect All Kids initiative is an outstanding development for our staff and shareholders following a multi-year process of engagement with key stakeholders in the New York education system,” KneoMedia chief executive officer James Kellett said.
“This much larger-scale deployment is a major validation of KneoWorld’s world-class education and assessment capability and the outcomes it is delivering to students.”
Further growth expected
The latest deal builds on an earlier deployment of 6,000 Dell Chromebooks in the New York City public school system.
Mr Kellett said that while the contract will make a material contribution to the company’s FY2023 revenue, it also provides a platform for further growth through its status as “preferred education provider” to the New York City public school system.
He added the company’s focus is to build scale in this system where there are 686 school districts and 4,360 schools.
“We have achieved a small percentage of ~2% and as such, we have a lot of headroom to grow.”
Based on ongoing engagement with the New York City Department of Education, the company expects more deployments of its platform under the Connect All Kids initiative will materialise throughout 2023 and beyond.
“The expanded roll-out is a by-product of the continued successful results achieved through a series of earlier smaller deployments, and the quantum of funding and resources being deployed mark a validation of the technology by leading education policymakers in New York City,” Mr Kellett said.