Currently working to strengthen its capital position, edtech company EduFocal Limited said it will in the short term undertake plans that will see it building out a stronger regional footprint.

EduFocal, which through its LEARN division uses technology to enrich the learning experience of students, currently offers a wide range of lessons to primarily PEP students among other vocational and corporate programmes. Having significantly diversified its platform and now in the process of adding new programmes, the company’s management has indicated that users could again see it re-engaging studies for Caribbean Secondary Examination Certificate (CSEC) exams.

“Absolutely! It’s just a matter of time, we’ve made our plans clear to get back into the secondary space — we now have the room, capacity, expertise and a strong partner in Mayberry so it will be just a matter of time,” Edufocal’s Chief Executive Officer (CEO) Gordon Swaby said during an investor briefing this week.

Swaby, who is also a co-founder of the company, said that while CSEC studies were initially introduced during the early stages of start-up, it was discontinued overtime due to slow take up and other resource constraints, but plans are afoot to get back into that area in the very near future.

Quizzed about the timing of such plans, Swaby told the Jamaica Observer that it could be as early as the “next three to four quarters”.

With CSEC being a regional exam, regulated by the Barbados-based Caribbean Examinations Council (CXC), Swaby said that getting back into that area will reopen its platform to other markets in the region beyond Jamaica.

“The company we are looking to purchase is also very much regionally focused in its offerings, so getting back into CSEC and also this possible acquisition would allow us to comfortably expand regionally,” he said to the Caribbean Business Report.

Disclosing details of the acquisition at the investor briefing earlier this week, Swaby had said the possible deal, which was still in its infancy, is expected to be closed in the near future, and is to be funded from monies separate from the $200-million loan agreement it secured from Mayberry Investment Limited recently.

The seven-year loan facility fixed at an interest rate of 9.5 per cent per annum for the first two years is to be used for debt refinancing and to fund expansion programmes.

Among some of the areas targeted for funding from the loan are the company’s restructured segments which includes K-12 education, health education and EduFocal Engage — which is to focus on software as a service (SaaS) for businesses.

Swaby said that as the company continues to expand and onboard new offerings, talent acquisition is also another area of focus the business is working to address. Providing update on current staffing needs, he said that plans remain ongoing to attract and retain the best talents to cater to the fast pace of growth seen by the online learning company, whose services have catapulted since the outbreak of the novel coronavirus pandemic. Up to the six months ended June, revenues more than doubled to total $133 million, fuelling profits of $11.5 million — 321 per cent above the prior year’s earnings.

“We’re growing at an extremely fast pace so our challenge now is not finding business — our challenge is growing human capacity to facilitate the amount of work we have in front of us. The talent we now have is top notch but we are always looking for new hires — we’ve recently made a new hire which we will announce shortly,” Swaby said.