Veranda Learning Solutions, the Chennai-based publicly-listed ed-tech company that offers a bouquet of training programmes for competitive examinations on Monday announced that it has signed a definitive agreement to acquire TIME (Advanced Educational Activities), a leading test-prep institute with a pan-India presence.
For a consideration of Rs 287 crore, this 100% acquisition will be in a phased manner with 80% of the outstanding capital along with management control in phase one, followed by the purchase of the remaining 20% at the end of two years, subject to the fulfilment of closing conditions, said a company statement. The acquisition also marks Veranda’s foray into MBA, NEET and JEE test-prep as well as the pre-school segment.
Kalpathi Suresh, executive director cum chairman, Veranda, said “Veranda as a brand delivers high-quality education that drives outcomes at an affordable price to learners including tier II/III towns. The acquisition of TIME allows Veranda to expand its national footprint with an asset that has known to have sent around 50% of all students admitted into the IIMs. TIME which was one of the pioneers of online testing methodology in India also gets to leverage Veranda’s core-engineering skills to make it the best in hybrid offering which will now include best-in-class products for each of its programmes.”
TIME is India’s leading test-prep institute with a pan-India presence operating through 188 centres, including franchisees spread across 98 cities in India, and is headquartered in Hyderabad.
Having trained around 22 lakh students since its inception in 1992 and with a run rate of training almost 1.1 lakh students every year, it has been recognised as India’s leading institute for MBA test-prep with around 37,000 unique test takers for its flagship online CAT test series – AIMCAT.
TIME offers training programmes for national and state-level entrance exams like CAT, MAT, CMAT, CLAT, IIT Foundation, JEE mains & advanced, NEET, IPM, BBA, CUET, GATE, bank PO, SSC, state-level admission exams and international exams like GMAT, GRE, IELTS and TOEFL including campus recruitment training.
Amoha Education, a subsidiary of TIME has been offering training in spoken English since 1981. It offers spoken English training in both the physical classroom mode and the distance education mode.
The company also has a chain of pre-schools under the TIME Kids brand operating through 222 pre-schools in 56 cities.
InCredMAPE is the financial advisor for Veranda and JSA is the legal advisor for the proposed transaction. KPMG India is the financial advisor and Begur & Partners is the legal advisor to TIME.
Manek Daruvala, founder and director, TIME, said, “We are confident that this will be a synergistic relationship and that much benefit will accrue to both partners. More importantly, we believe that it will also help us provide an even better product offering to our students.”
Founded in 2018, by the Kalpathi AGS Group, Veranda offers a bouquet of training programs for competitive exam preparation, including state public service commission, banking, insurance, railways, IAS and CA, as well as a slew of professional skilling and upskilling programmes in trending technologies.