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Core Projects Buys 2 U.S. Companies for $20M; Shares Rise

20 September, 2010

Core Projects and Technologies Ltd has acquired two U.S. firms for more than $20 million and is looking at one more acquisition in the U.K., a top official said, sending the company’s shares up to their highest level in 33 months.

The company has acquired Georgia-based education solutions firm Technical Systems Integrators LLC and New York-based education consulting company Keenan and Keenan Group.

The companies have a combined revenue of over $25 million, Core Projects chief financial officer Nikhil Morsawala told Reuters on Monday.

“Both these companies are in areas of education which we did not have a presence in earlier. One is in Atlanta, in the project management and infrastructure space. We were not into that space earlier,” he said.

The Keenan and Keenan Group was into higher education, he said. “That was the one thing missing in our portfolio.”

Both acquisitions have been closed, and would be accretive to revenue “immediately”.

The company will realise about half the total combined revenue of the acquired companies this year.

Core Projects funded the acquisitions from the proceeds of its earlier Foreign Currency Convertible Bonds issue, which closed in May.

The company raised about $75 million from the issue.

FURTHER BUYS

Core Projects is also scouting for further acquistions, this time in the U.K., Morsawala said.

“We are hoping to get into the U.K. space more strongly,” he said, but did not provide any further details.

Shares of the company rose as much as 3.8 percent to 307 rupees, their highest in 33 months, on the BSE.


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Core Projects Buys 2 U.S. Companies for $20M; Shares Rise

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