Core acquisition of Princeton subsidiary probable at $25 million
By siliconindia | Monday, 29 December 2008, 11:19 Hrs
Mumbai: Core Projects and Technologies, a Mumbai based organization, is in advanced stages of agreement to acquire K12 Educational Division, part of the US-based, NASDAQ listed Princeton Review, a leader in online education. Sources say that the deal is estimated to be around $20-$25 million (about 100-125 crore). New-York headquartered Princeton Review offers private tutoring and online test preparations. It works with school districts around the US and authors more than 200 print and software titles on test preparation, college and graduate school selection and related topics. Core Projects offers a wide range of services and in the educational domain. In addition to its products and solutions, Core will also cross sell its newly acquired products and solutions to its existing clients. According to sources, the acquisition of the K-12 division of the Princeton Review will help Core to expand its offerings in the US educational market and provide better access to global markets such as India and the UK. With offices spread all around the globe such as the Middle East, UK, US and India, Mumbai based Core Projects had an annual revenue of about Rs 500 crore, last year. The stock price of the firm closed down one percent at Rs 45 on the BSE on Friday. Core is currently talking with several states in India to sell its offerings for the Indian Governments flagship initiative to spread education, the Sarva Shiksha Abhiyan. It also has a presence in eight countries in Africa and three countries in the Carribean.