ReadCloud in talks with new customers as schools move to online learning

ReadCloud covid-19 virus corona virus elearning online learning ASX RCL
ReadCloud said the coronavirus pandemic has had minimal impact on its operations given its ability to support customers in a remote capacity.

Online learning software provider ReadCloud (ASX: RCL) is lined up to benefit as Australian schools begin to forward plan for remote education solutions to stop the spread of coronavirus.

The company today reassured investors the COVID-19 pandemic has “so far had minimal impact” on its operations and revealed it is in talks with existing and potential new customers to leverage its unique software as an online learning solution during these challenging times.

“The company is fully capable of operating in a remote capacity whilst supporting current and new customers, and continuing our exciting product development,” it stated.

ReadCloud’s proprietary e-book platform delivers digital content to students and teachers – in schools as well as the vocational education and training (VET) sector – with extensive functionality, including the ability to make commentary and import third-party content.

This means students and teachers can access all of their classroom content, as well as share notes, questions, images and videos, in one application.

According to ReadCloud, this makes the platform a “place for discussion, collaboration and social learning, substantially improving learning outcomes”.

“The company believes that the current situation has substantially accelerated the shift by all schools to have a remote learning solution, which plays to the strength of the key features of the ReadCloud platform,” the company said.

How Australian schools are responding to coronavirus crisis

The situation is changing daily in Australia as confirmed cases of COVID-19 rise rapidly. On Monday, numbers of infection had surpassed 1,600.

Despite the forced shutdown of non-essential and social gatherings from midday Monday, the federal government’s stance on schools remaining open has not changed.

However, parents have been granted permission to remove their children from schools at their discretion with schools encouraged to provide access to online and distance learning resources.

In Victoria and the Australian Capital Territory, the Easter school break has been brought forward to start this Tuesday.

Meanwhile, some private schools, such as Pymble Ladies College, Kambala School and Knox Grammar School in Sydney, have announced their decision to move classes online until further notice.

In Western Australia, St Andrews Grammar in Perth’s northern suburbs also closed after a parent tested positive to COVID-19.

In the last week, universities around the country have already moved to online learning, with lectures being streamed and students asked to study at home.

Current users

ReadCloud said the on-boarding of full curriculum schools for the 2020 school year, including e-book purchases, was completed prior to the current COVID-19 pandemic and the vast majority of revenues from these schools has already been secured and paid upfront.

At this stage, it said student enrolments in its VET courses are continuing, with student enrolments expected to be completed by the end of March.

As at March, ReadCloud said it currently has more than 100,000 users on its platform.

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