MEG picks up majority stake in MeritTrac
Manipal Education Group (MEG) on Tuesday said it has picked up a majority stake of over 70 per cent in MeritTrac, the country's largest skills assessment and testing company.
By PTI |
MUMBAI: Manipal Education Group (MEG) on Tuesday said it has picked up a majority stake of over 70 per cent in MeritTrac, the country's largest skills assessment and testing company.
MEG will acquire the stake of the existing financial investor HAV2 (Mauritius) Limited and also infuse additional equity into MeritTrac.
The valuation of MeritTrac works out to around Rs 75 crore, a MEG release issued here said.
This transaction will also see the merging of Manipal's Pariksha Online Assessment and Testing with MeritTrac and the combined entity will continue to be known as MeritTrac.
As the majority stakeholder, MEG will play a strategic role and will join the Board of Directors of MeritTrac and support its growth into newer markets, it said.
MeritTrac will operate as an independent assessments and testing serice provider and will continue to be led by the founding team of Madan Padaki, Murlidhar S and Mohan Kannegal.
Speaking about MEG's investment in MeritTrac, Manipal Education MD and CEO Anand Sudarshan said, "MeritTrac and Pariksha have been significant players in the assessment and testing space...we see this investment as a way to consolidate the overall leadership position in the market."
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