Sydney-based online learning support and school tutoring company Cluey is acquiring coding and digital skills provider Code Camp.
Code Camp was established in Sydney in 2013 and delivers coding and digital skill courses to primary schoolchildren across 350 Australian schools. The company provides holiday camps and after-school programmes, delivered face-to-face or online and engages around 400 teaching staff each quarter to support its activities.
Cluey is also undertaking a fully underwritten placement of A$12 million (£6.4 million) to professional investors. In addition, the company will undertake a fully underwritten SPP to eligible shareholders to raise a further A$2 million. Cluey stated that the proceeds from the placement and SPP will be used to support the acquisition and growth of Code Camp, and assist in funding additional growth opportunities.
Cluey’s chief executive Mark Rohald said Code Camp would help Cluey grow its customer base and provide cross-selling opportunities, adding: “Code Camp is a well-established business that has attracted more than 100,000 Australian schoolchildren to its school holiday and after-school coding programmes since its first holiday programme in 2013.
“As the demand for coding and digital skills continues to grow, we see Code Camp as a great fit for Cluey, building on our existing tutoring and test-prep business. This will provide opportunities for us to reach a broader audience by leveraging the leads and active customer bases of both businesses. In addition, we see increased demand for broader learning support services, particularly tutoring and co-curricular educational activities.”
“While tutoring is predominantly in demand during the school term, Code Camp provides a counter-cyclical revenue stream in the school holiday periods.”
Date published: 1 September 2021