Janison Education Group Ltd (ASX:JAN) has successfully renewed three-year contracts with Westpac Banking Corp (ASX:WBC) for an integrated enterprise learning solution.

The income for this $4.2 million contract is ~24% Services in FY19 and ~76% Platform and Content largely in FY20 and onwards.

Janison’s CEO Tom Richardson said: “We are excited to continue working with Westpac as they invest in retaining and retraining their workforce and in building the skills required by the industry in the future.

“Westpac are leading the way in the industry and are truly committed to the development of their people.”

Two primary offerings in education

Janison is an education technology company with two primary offerings, Janison Learning and Janison Assessment.

Janison Learning is a leading integrated learning business that is used by large enterprise and government departments to build capability in their people.

Janison Assessment is a leading global platform for the provision of digital exam authoring, testing and marking which is sold to national education departments, tertiary institutions and independent educational institutions.

Profitable growth in FY18

Janison generated profitable growth in FY18 with group revenue growing 21% to $17.3 million and EBITDA growing 6% to $3.2 million.

The recurring content and platform income is the engine of profitable growth with platform revenue growing 40% in FY18 to $10.6 million.

Revenue is split into two component, the other being project services revenue which was flat in FY18 at $6.7 million.

Janison successfully raised $5 million in capital in late September through a share placement to accelerate growth.

This funding will be used for initatives including accelerating the development of new products, including the Janison Insights for Higher Education institutions.