Corporate Updates

Core acquires two education firms

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One of the known ICT education service providers, Core Projects and Technologies, acquired two US-based education companies today for $20 million (INR 90 crore). Core has recently taken over Georgia-based education solutions company Technical Systems Integrators and New York-based Keenan and Keenan Group, an education consultancy. The two companies have a combined turnover of US$25 million, with an average Ebit (earnings before interest and taxes) margin of 16%. Both companies together cater to the needs of about 1.5 million students across 1,500 schools in the US. The company funded the acquisitions from the proceeds of a Foreign Currency Convertible Bond issue, which it closed in May.

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