CL Educate has acquired Pearson group’s ETEN and Accendere Knowledge Management Services (AKMS). CL Educate, an education and knowledge services provider, has recently launched its IPO to get listed on the stock exchanges.
ETEN is the test preparation business division of Pearson’s IndiaCan Education Pvt Ltd. It provides tech-based satellite coaching for chartered accountant programme and civil services.
AKMS is a knowledge management company, specialising in areas such as incubating research programmes for universities.
After ETEN buyout, CL Educate is expected to expand its network up to 192 centres out of which five will high-tech broadcast studios. The centres will help them to reach around 93,000 students. According to a release, the ETEN deal involves a staggered payment of Rs6 crore over 30 months and 4% revenue share for the next three years, reported Livemint.
“ETEN adds a large knowledge-based test-prep segment of CA and strengthens civil services for CL Educate in test preparation business,” CL Educate vice chairman and managing director Gautam Puri said.
In 2015, CL Educate had purchased 51% stake in the company with a call option for the remaining shareholding to be exercised on or after 1 April 2017.