The Janison Education Group Ltd (ASX: JAN) share price has been a very strong performer on Wednesday.
In morning trade, the educational technology company's shares are rocketing 20% to a record high of 71 cents.
When the Janison share price hit that level, it meant it had doubled in value over the last 12 months.
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Why is the Janison share price at a record high?
The catalyst for today's strong gain has been the release of an announcement this morning.
According to the release, Janison has been accredited by the Organisation for Economic Cooperation and Development (OECD) as sole provider in Australia of the PISA for Schools assessment. This is known as the gold standard in the measurement of student learning, underpinned by the PISA-based scales.
Management believes this further strengthens Janison's market leader position within Australia for school assessments.
The release explains that the OECD has accredited Janison in Australia for the next two years.
Janison's CEO, David Caspari, appeared to be delighted with the development.
He commented: "The board and management of Janison are extremely honoured to be partnering with the OECD in the roll-out of such an incredibly well-regarded assessment and benchmarking tool – the only test of its kind in the world."
"For us, this is our mission – to be a global force for good by powering best-in-class educational assessments with passion and purpose. I congratulate the Janison team for working seamlessly with the OECD's team to bring us to today when we are launching in yet another country – our home country of Australia," added Mr Caspari.
What now?
Janison expects the roll out for PISA for Schools in Australia to begin in New South Wales. Positively, it has strong indications from a large number of government and independent schools wishing to participate in the program. Tests are expected to start in April this year.
After which, management anticipates further demand from schools and state jurisdictions across Australia once the broader sales and marketing program commences this week.
Market opportunity
Once rolled out, schools choosing to undertake the assessment each year will be charged $7,000 per annum.
Management notes that there are approximately 2,700 secondary and combined schools in Australia. From these, ~50% are existing Janison ICAS customers.
This means that the total addressable market size in Australia is approximately $19 million. Furthermore, if it can convert just its existing ICAS customers, it will generate approximately $10 million in revenue.
