Qoria acquires Octopus BI to transform K-12 education data solutions

Qoria (ASX:QOR) has acquired data analytics innovator Octopus BI, aiming to enhance its administrative and teaching platforms with advanced data analytics and AI capabilities.

The acquisition agreement includes $5 million in cash and up to 11,666,667 performance rights contingent on Octopus BI achieving approximately $8 million in annual recurring revenue within 30 months.

Following the acquisition, Qoria completed a $30 million capital raising through the placement of 80,645,162 new shares at $0.372 per share.

The funds will be allocated to finance the Octopus BI acquisition and strengthen the company's balance sheet.

Tim Levy, Managing Director of Qoria, stated, "Octopus BI is the right technology and the right team at the right time. Octopus BI creates a leapfrog opportunity for Qoria to be embedded in the strategic management of modern schools."

"We look forward to launching Octopus BI as Qoria Insights early next year in time for the upcoming US & UK K-12 selling periods and the greater strategic opportunities that will come," Levy added.

The acquisition, slated to be completed by Oct. 31, will see Qoria take over Octopus BI’s team, technology, and products.

Octopus BI, launched in Australia in 2018, has a proven track record in the K-12 segment with significant customer bases in the US and Australia and an agile engineering team based in Sri Lanka.

The capital raising effort, managed by Unified Capital Partners and co-managed by Canaccord Genuity and Ord Minnett, represents a strategic move to consolidate Qoria's operations and expand its footprint in the growing K-12 data analytics and decision support markets.

At the time of reporting, Qoria's share price was $0.40.