Schrole delivers strong yearly growth after record Connect platform sales in November
The solid year to date result is testament to Schrole’s world class technology and strong positioning within the education sector.
Global SaaS and Edtech company, Schrole Group (ASX:SCL), has just delivered a strong year-on-year growth in sales, underpinned by record sales of the Connect platform in November.
The company has seen strong demand for its flagship Schrole Connect from international schools, particularly after the release of the new Connect 3.0 software version.
Sales growth was also seen across its HR product suite, which includes Connect, Develop, Cover, and Verify, demonstrating the company’s ability to both cross-sell and up-sell.
In the year to date (January to November), invoiced new sales to international schools were US$734k, a 9% improvement on 2020, and a 13% increase on 2019.
Of that, the month of November saw record invoiced new Connect sales of US$104k, a significant increase of 32% from November 2020, and 19% higher than November 2019.
Importantly, the renewal rate for the Connect platform was 90% year-to-date, the highest ever rate on record.
Schrole’s CEO Rob Graham puts the success down to educating and bringing awareness of its products to potential customers.
“As we invest in our sales and marketing initiatives to drive growth and awareness of our product, it has led to increased opportunity to not only drive new sales, but also cross-sell other products within the Schrole portfolio,” Graham said.
“Additionally, the strong renewal rate is a testament to our world class technology, as well as an outstanding customer support team who have a customer first mentality.”
“I look forward to seeing the full impact of our investments across these teams in the 2022 year.”
The Schrole Connect platform is Schrole’s flagship product that gives users a complete Human Resources SaaS solution.
It combines services such as recruitment, background checks, onboarding, relief teacher management, and professional development.
The platform also helps rank, sort, interview and manage job applicants for the education sector by finding and choosing the right candidates.
The Schrole Events platform meanwhile, is an online recruitment event platform launched in September that has been seamlessly integrated into Connect.
It provides interactive and regionalised online recruitment events for Schrole’s network of schools and teachers.
The company’s inaugural event in October was a resounding success, with over 1,700 participants registered targeting South-East Asian markets.
Two further regionalised events were subsequently held, covering Europe, Middle East, Africa and Asia.
These events have contributed to 18 new Schrole Connect customers being signed up from geographically diversified countries across Asia, Middle East, Europe, Africa and the Americas.
Given the successes of previous events, Schrole has now scheduled an additional three recruitment events through to February 2022.
“The launch of the Events platform was a key priority for the company, and we had a very successful launch in October, “ Graham said.
“The strong interest since the launch has given me increased confidence to hold additional events through 2022 to drive further growth in the business.”
Meanwhile, the company has recently raised $2.5m in placements, along with a share purchase plan (SPP) for existing retail shareholders.
The SPP offer is currently scheduled to close on 17 December, however the company reserves the right to extend the closing date.
This article was developed in collaboration with Schrole Group, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.