Remote learning within the education system has shown no signs of slowing down despite opportunities for many students to return back to the classrooms with edutech company Family Zone Cyber Safety (ASX: FZO) having doubled its sales for the March quarter.
As of 31 March 2021, Family Zone had contracted 3,135 schools to their software licences that provide a patented cyber safety ecosystem, enabling a world-first collaboration between schools, parents and cyber safety educators. This represented a 135% increase on the previous corresponding period with the platform now used by more than 2 million students around the world.
“The Company has spent the past two quarters successfully building out engineering and sales capacity to prepare for the peak mid-year sales period in the US,” said Family Zone Managing Director, Tim Levy.
“We’re very pleased with the March quarter and with more than 1 million students licenses in our pipeline we look forward to exceptional quarters ahead”.
Recurring revenue is core to the platform which is fully developed, efforts have been turned towards its sales force which seeks to sign schools up for trials before converting them to subscription contracts.
The United States has been a major growth market for Family Zone where its sales teams are able to contract school districts, rather than individual schools. In doing so, the Company is now servicing 3.5% of school districts in the US.
On top of the 2 million students currently using the Cybersafe platform, Family Zone have a further 350,000 on trials which they will seek to convert to annual subscriptions in the coming months.
As of the March quarter ended, Family Zone had signed contracts with an annual value of $1.8 million on their books which represents a 92% rise on the previous year.