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Mumbai-based IT company Core Projects and Technologies will be acquiring three companies in the education sector in the US and UK for about $45 million. They include the buyout of US-based KC Management Group, which provides schools management systems, for about $30 million; UK-based Azzurri, an educational software provider, for nearly $12 million, and Hamlet Computer Group, an assessment administration systems maker, for $3 million. All are cash transactions.
These acquisitions will make Core an education solutions provider, while it earlier had a multi-sector IT solutions focus. Core is looking for more acquisitions in the space - especially in the assessment testing - and it has appetite for another $15 million purchase. It had recently raised about $80 million through FCCBs, of which $60 million is earmarked for M&A.
The Economic Times quotes a senior company official as saying: "We are in talks with companies in the US and the UK to further add to our product portfolio in the assessment testing solutions and financial package segment.” Core expects the three acquisitions to add about $45-50 million to its revenues in the current fiscal, while it's aiming for total revenues of $110 million.