Entrance test preparation services provider Aakash Educational Services Ltd has acquired ed-tech company Applect Learning Systems for around $14.5 million (Rs 100 crore).
The company has entered into a definitive agreement with Info Edge (India) Ltd and other selling shareholders to acquire ALSPL, which offers learning programmes under the brand name ‘Meritnation’ catering to students of class I to XII, AESL said in a statement.
When asked about the value of the deal, a company official said, ‘it is around $14.5 million (Rs 100 crore) for the entire stake.’ In October last year, Blackstone had picked up a 37.5 percent stake in Aakash Educational Services for Rs 1,350 crore and announced the intention to create a digitally enabled, omnichannel test preparation company.
‘As part of this strategy, AESL plans to acquire Meritnation to accelerate the growth of its online live tutoring business and continues to evaluate potential acquisition opportunities,’ the company said in a statement.
Commenting on the acquisition, AESL Director and CEO Aakash Chaudhry said, ‘Meritnation’s decade long EdTech experience and leadership in live tutoring technology, will further strengthen AESL’s competitive positioning not only in digital education but will also further enable its offline student offering across its 200 classroom centres, teaching over 2,50,000 students’.
Chaudhry further said the company is ‘continuing to evaluate several acquisition opportunities in the ed-tech space as part of our digital growth strategy, so that we can make our well-crafted student performance journey more productive’.