Core Projects and Technologies is buying out US-based KC Management Group, which provides schools management systems, for nearly $30 million; UK-based Azzurri, an educational software provider, for nearly $12 million, and Hamlet Computer Group, an assessment administration systems maker, for $3 million, in all cash transactions.
With its current acquisitions, the company is now looking to change its focus placing itself as an education solutions provider from its earlier approach of being a multi-sector IT solutions provider. The company had raised nearly $80 million through overseas convertible bonds in May and earmarked $60 million for acquisitions.
Core Projects and Technologies director Hari Iyer said the company’s strategy is now become clearer after nearly two years of being in the IT sector and it now aims to have 75% revenues coming from education solutions. He also said the company has planned to shift a majority of its product development by the newly acquired companies to its India development centre, thereby increasing its India staff strength to nearly 1,000 people by the year end.
Read more in The Economic Times article.
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