14th May 2019 13:44
LONDON (Alliance News) - VR Education Holdings PLC on Tuesday announced a new partnership helping it enter into the South Korean market.
The virtual reality technology firm has signed the commercial deal with D'Carrick Co Ltd, a South Korean digital content firm. This, VR Education said, provides an "important" entry for its Engage platform, which provides online virtual learning and corporate training.
For EUR70,000 a year over three years, D'Carrick will be able to use Engage to a set number of students in South Korea, paying more to VR Education should the number of students pass the agreed figure.
D'Carrick will also resell the Engage platform with 30% of revenue going to VR Education.
David Whelan, the chief executive of VR Education, said: "In today's digital era, modern students are moving rapidly towards online learning and we have been delighted by the interest in our Engage platform.
"South Korea continues to dominate the world rankings, being voted number one for four years in a row with one of the most educated populations in the world. This is in large part with thanks to the continued investment from the South Korean government which spends 5% of GDP towards educating its 10 million plus students."
"Our goal is to transform the future of education globally by implementing new methods and techniques to make learning available to everyone, everywhere." he continued.
"South Korea is a proven world leader when it comes to education and D'Carrick's adoption of our Engage platform as a tool to provide education is a welcome first step in the Asian market."
VR Education shares were 1.1% lower on Tuesday afternoon at 8.90 pence each.
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