Core Projects to acquire 3 firms in US, UK
In a bid to consolidate its position in the education sector, IT company Core Projects and Technologies on Wednesday said it has finalised three acquisition deals in the UK and the US for $45 million.
By PTI |
MUMBAI: In a bid to consolidate its position in the education sector, IT company Core Projects and Technologies today said it has finalised three acquisition deals in the UK and the US for $45 million.
The cost of the acquisitions would be funded out of Foreign Currency Convertible Bonds (FCCB) proceeds which the company had raised in May this year.
The said acquisitions would add 45 million dollar annually to the revenues of the company. Revenues would also see a significant increase, since Core Projects would cross- sell all its products to the existing and newly acquired customers.
The acquisitions would be completed by the end of September and would add more than a dozen products to Core Projects' existing repertoire of education products, the company informed in a filing to the Bombay Stock Exchange.
In the UK, Core Projects has signed an agreement with Azzurri Education and another pact with Hamlet Computer Group.
Azzurri Education has over 10 years' experience in providing technology aided works to increase educational attainment in the UK. Hamlet Computer Group provides quality IT systems to organisations around the world.
Hamlet's clients include National Examinations Authorities in the UK, seven countries in Africa and three countries in the Caribbean.
In the US, Core Projects has acquired the global businesses of KC Management Group which is one of the top US Education Management Companies which are advisors to many states and local school districts.
The KCMG currently provides advises to school systems in states like California, Massachusetts and Florida among others.
The cost of the acquisitions would be funded out of Foreign Currency Convertible Bonds (FCCB) proceeds which the company had raised in May this year.
The said acquisitions would add 45 million dollar annually to the revenues of the company. Revenues would also see a significant increase, since Core Projects would cross- sell all its products to the existing and newly acquired customers.
The acquisitions would be completed by the end of September and would add more than a dozen products to Core Projects' existing repertoire of education products, the company informed in a filing to the Bombay Stock Exchange.
In the UK, Core Projects has signed an agreement with Azzurri Education and another pact with Hamlet Computer Group.
Azzurri Education has over 10 years' experience in providing technology aided works to increase educational attainment in the UK. Hamlet Computer Group provides quality IT systems to organisations around the world.
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Hamlet's clients include National Examinations Authorities in the UK, seven countries in Africa and three countries in the Caribbean.
In the US, Core Projects has acquired the global businesses of KC Management Group which is one of the top US Education Management Companies which are advisors to many states and local school districts.
The KCMG currently provides advises to school systems in states like California, Massachusetts and Florida among others.
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