Veranda to acquire 7 firms, eyes ₹500-cr. in revenue
The Hindu
Veranda Learning Solutions is on the verge of acquiring seven businesses through its wholly owned subsidiary Veranda Administrative Learning Solutions Pvt. Ltd., (VALS) for a total consideration of more than ₹400 crore, ED and Chairman Kalpathi S. Suresh said.
Veranda Learning Solutions is on the verge of acquiring seven businesses through its wholly owned subsidiary Veranda Administrative Learning Solutions Pvt. Ltd., (VALS) for a total consideration of more than ₹400 crore, ED and Chairman Kalpathi S. Suresh said.
The seven entities — Educare Infrastructure, Six Phrase, Smart Bridge, Talent Academy, Talent Publications, Phire Learning, and Bassure — will function under VALS as a single entity with respective brand names.
“We have already signed a binding agreement with shareholders to acquire controlling stake ranging from 51%-76%,” Mr. Kalpathi said. Currently, the documentation process is on and we expect the transaction to be completed within a month. It is a cash (₹120 crore)-cum-stock (₹280 crore) deal.,” he said during an interaction.
The acquisition will be funded by through borrowings, while the internal accruals will be used for working capital requirement and integration,” he said.
According to him, these acquisitions assume significance as they would consolidate the city-based ed-tech platform’s presence in Karnataka, Kerala and Hyderabad.
“We want to complete all the acquisitions as quickly as possible and set the stage for significant growth. The acquisitions are made with an aim at growing 100% year-on-year,” he said.
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