Educomp acquires 51 percent stake in U.S. based firm
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Mumbai: Knowledge-based company and e-learning solution provider Educomp Solutions said Tuesday it has invested $24.5 million for acquiring 51 percent stake in US-based Learning.com, a provider of web-enhanced instruction. In a communiqué ´o the Bombay Stock Exchange Tuesday, the company said it invested $24.5 million in the transaction that includes the purchase of existing shares as well as infusion of fresh capital into the company. According to the agreement, Educomp now has distribution access to over 800 districts and leverages its content development and IT capabilities to reach out to North American markets. Learning.com, founded in 1999, serves nearly two million students in schools and has partnership with schools and districts throughout the country. This is Educomp's second strategic investment after the acquisition of Singapore-based Ask n Learn.
Source: IANS
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