With 60 Percent Share In Smartclass Educational Services, Ebix Steps Into India's e-Learning Markets
Ebix, a global leader in supplying On-Demand software and e-Commerce services announced that it has plunged into an agreement to acquire a major share in Smartclass Educational Services Private Limited, a leading Indian e-learning company which offers innovative products & solutions to students and teachers to reach excellence. As per the deal, Ebix will pay up to $8 million in cash for its share in Smartclass.
Robin Raina, Chairman, President & CEO, Ebix, says, “The e-Learning business model is typically asset lite and caters well to strong recurring operating margins, once the customer aggregation crosses the threshold levels. Towards that extent, we have earmarked a $100 million amount for investment in India’s e-Learning sector and the acquisition of Smartclass is a logical first step for Ebix to establish its presence in the country’s e-Learning markets.”
Smartclass will be tightly integrated into Ebix’s education and e-Learning initiatives in India and it is just one of the many steps Ebix takes to invest up to $100 million in the sector. Divya Lal, CEO, Smartclass, states, “We are very excited by the possibilities of growth, geographical reach and financial strength that this investment from Ebix brings to Smartclass. We look forward to becoming a part of the Ebix family and replicating Ebix’s international success over the last two decades, to build upon our existing strengths and take a leadership place in India’s e-Learning industry.”
Founded in 1976, Ebix is a leading international supplier of software and e-Commerce solutions. It provides software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software developments. It also powers businesses in more than 50 countries across six continents.
Headquartered in New Delhi, Smartclass is an e-Learning and education company which offers innovative products & solutions. It is engaged in business of education services and has won several awards including Digital Learning Company of the year by Edtech review, Digital Disruptor award for 2017 by ID and Best Digital teaching tool award from India Educational Awards 2017. With staff strength of 1000 employees, wherein half of them are dedicated to research & development, the company provides education through rich media like 2-D, 3-D, virtual reality animation and many more.
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