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Janison Education raising $17 million for PISA rollout

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Digital assessment and testing platform Janison Education is hitting up institutional investors for $15 million, with the proceeds set to fund a rollout of its global assessment tool PISA and academic competition platform ICAS.

The company went into a trading halt on Wednesday morning and booked investors for a conference call with management at 11:45am.

Students globally will be taking the PISA assessment devised by Janison and the OECD. Louise Kennerley

The offer was priced at 82¢ per share - a 7.9 per cent discount to Tuesday’s closing price of 89¢ and a 4.9 per cent discount on its 10-day volume weighted average price.

Wilsons Corporate Finance and CCZ Stratton Equities were joint lead managers, according to terms sent to fund managers.

As well as the $15 million offer to institutional investors, the business will undertake a $2 million share purchase plan for retail investors.

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Janison was selected in April 2019 by the OECD as the international platform provider for the PISA-based Test for Schools, which is an online, voluntary assessment that helps schools benchmark the performance of their schools against others in their country, as well as across the OECD.

Janison began rolling out the tests in Australian schools in March.

The deal with the OECD has been a major driver of its share price rise in the last year, with the stock going from 32¢ 12 months ago to 89¢ - up more than 178 per cent.

It is understood that Janison’s existing institutional investors including Perennial and Australian Ethical will buy into the raise, which will close at 3pm.

The capital raise will also go toward additional product development and was slated to help fund possible acquisitions.

As well as providing student assessment tools, focused on prep to Year 12 but also for higher education, Janison also has a services division, helping schools develop software and content, as well as exam management.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
Tim Boyd is a journalist, based in Sydney, who writes for the Street Talk column. Connect with Tim on Twitter. Email Tim at tim.boyd@afr.com
Yolanda Redrup is the co-editor of the AFR Rich List. She previously reported on technology, healthcare and Street Talk. Connect with Yolanda on Twitter. Email Yolanda at yolanda.redrup@afr.com

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