Prestariang Berhad announced yesterday that is wholly-owned subsidiary Prestariang Capital Sdn Bhd entered into a Subscription agreement with OpenLearning Global Pte Ltd (OGPL) and Adam Maurice Brimo, for the subscription of up to 5,000,000 new "A" Ordinary Shares (A Shares) of OGPL and 3,069,578 convertible preference shares for the purpose of venturing into the higher education cloud-based markets both domestically and regionally.
OGPL is a newly incorporated company under the laws of Singapore and as at the date of the Agreement, has an issued share capital of one (1) ordinary share of AUD1.00. As part of internal restructuring exercise pursuant to the Agreement, OGPL will own two wholly-owned operational subsidiaries in both Australia and Malaysia, namely Open Learning Global Pty Ltd (OLGPL) and OpenLearning Global (M) Sdn Bhd (OGMSB) (collectively referred to as the “OGPL Group”).
OGPL Group owns a leading-edge cloud-based SAAS (software-as-a-service) platform for learning management system (LMS) and massive open online courses (MOOC) known as www.openlearning.com. OGPL Group currently has revenue share agreements with 66 higher educational and vocational institutions across four countries and over 900,000 students worldwide.
Its intellectual property includes an award winning, proprietary social learning platform and mobile application, which has been built from the ground up on solid educational foundations, as well as extensive knowledge, trade secrets and expertise in learning design and educational theory. It currently has a strong operating presence in Malaysia and has secured an agreement with the Ministry of Higher Education to set-up and operate the National MOOC Platform for Public Universities.
Upon the completion of internal restructuring exercise, OGPL shall have a paid-up capital AUD$ 5,189,487 and demonstrate characteristics of a high-growth company. They are undertaking a Series-“B” AUD$ 10 million fund-raising round, are currently unprofitable but anticipates to breakeven in 2018. It targets to achieve a PAT of AUD$ 9 million in 2020.
Adam Maurice Brimo is the Founder and Group CEO of OGPL and holds a significant equity position in the OGPL Group. Adam has a Bachelor of Engineering (Software) and a Bachelor of Arts (Politics) degrees from University of New South Wales (“UNSW”) Sydney and is the 2011 Choice Magazine Consumer Activist of the Year and is a recipient of the prestigious UNSW Alumni Graduate Award. Adam completed his honours thesis at UNSW Sydney in partnership with National ICT Australia (NICTA) and was a member of UNSW’s Robocup team, which develops software for autonomous humanoid robots.
He previously worked at Macquarie Bank and at Westpac Institutional Bank as a Senior Software Engineer. In 2017, Adam was named one of the Forbes 30 under 30 Asia in the Consumer Technology category in recognition of OGPL Group’s growth in Southeast Asia and its contribution to the higher education sector.