Veranda Learning Solutions Ltd, a digital learning platform listed in the stock market, announced recently that it is looking to acquire tests prep firm T.I.M.E, for USD 37 Million (Rs 287 crore).
Under this acquisition, Veranda has inked an agreement with T.I.M.E., which will take place in two phases, with 80% in the first phase and the rest 20% after two years.
As per the announcement, 80% of the outstanding capital and the management control will be done in phase 1, following the procurement of the remaining 20% at the end of two years.
T.I.M.E. was established in 1992 and is a top test-prep chain with a presence in pan-India, operating via 188 centers including franchisees spread around 98 cities in India.
It possesses a considerable market share in test-prep for the M.B.A. market via various state-level and national entrance exams like M.A.T., C.M.A.T., and C.A.T.
In addition, it also trains students for cracking law entrances like C.L.A.T., engineering entrances including JEE (advanced) and JEE (mains), and medical entrance NEET, among several other offerings.
The 30-year-old test prep firm also has a pre-school chain under the brand T.I.M.E. Kids, operating via 222 pre-schools in around 56 cities.
Executive Director Cum Chairman at Veranda, Kalpathi Suresh said that the T.I.M.E. acquisition allows Veranda to enlarge its national presence. This acquisition will also assist in expanding the pre-school and the language training space.
Manek Daruvala, Founder and Director of T.I.M.E., said that the firm is extremely thrilled to be partnering with Veranda on the forthcoming journey that T.I.M.E. will be commencing.
it believes that this will be a collaborative relationship, which will offer enormous benefits to both partners. Most importantly, it will also help to offer even better product offerings to its students.
Source Credit - https://www.moneycontrol.com/news/business/companies/veranda-learning-acquires-30-year-old-test-prep-firm-t-i-m-e-for-rs-287-crore-8408681.html