The Janison Education Group Ltd (ASX: JAN) share price is within striking distance of breaking a new multi-year high. This comes as the educational technology company received a positive note from the Organisation for Economic Cooperation and Development (OECD).
At the time of writing, Janison shares are swapping hands for 79.5 cents, up 4.6%. The company hit a multi-year high of 81 cents in mid-April and has been teetering ever since.
What did Janison announce?
Investors are closing in on new territory, as Janison shares push higher following its latest release.
In its announcement, Janison advised that it has been accredited by the OECD as the sole provider for the PISA for Schools assessment in the United Kingdom. This also includes Scotland, Wales, and Northern Ireland.
Janison's coverage as the national service provider of PISA for School has now expanded to 6 countries. Australia and the United States signed on to the program in March 2021 and October 2019, respectively.
The Programme for International Student Assessment (PISA) is an online platform that measures a 15-year old's ability in mathematics, science, and reading. The program seeks to improve individual school teaching efforts using the benchmark as a comparison.
Under the deal, the OECD has accredited Janison as the exclusive provider of the PISA for Schools assessment across the United Kingdom for 2 years. This will allow the company to form relationships and engage with government and schools to roll-out the platform.
Janison CEO, David Caspari commented:
The Board and management of Janison are extremely honoured to be partnering once again with the OECD in the roll-out of such an incredible assessment and benchmarking tool – the only test of its kind in the world.
This is our mission – to be a global force for good by powering best-in-class educational assessments with passion and purpose. I congratulate the Janison team for working seamlessly with the OECD to secure, not one, but four, new countries simultaneously.
Addressable market opportunity
Janison stated that in the academic year between 2019 and 2020, there were roughly 7,200 secondary schools in the United Kingdom. This reflects a market size of 260% greater than the size of Australia (2,775 schools).
Furthermore, the company highlighted that the addressable market for the United Kingdom stands at $50 million per annum. In comparison, Janison has signed on approximately 10% of schools in Australia, generating sales revenue of $1.5 million per year in total. Pleasingly, more schools are expected to join the program before testing commences in August.
Janison share price snapshot
Over the last 12 months, Janison shares have surged to more than 160%, with year-to-date performance sitting close to 40%.
Based on today's price, Janison has a market capitalisation of about $167 million, with 210 million shares outstanding.
