Coaching Institute Aakash acquires Applect Learning for $14.5 Million
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 ...