Education and placement company EdServ has announced that it has signed a letter of intent (LoI) to acquire the pre-school business of the Chennai-based Sparkling Minds for an all-cash consideration of Rs.1.25 crore. This is EdServ’s 3rd acquisition in the last 45 days. Last month, EdServ announced the acquisition of SchoolMATE, a school ERP with access to around 70 schools. Earlier this month, the company signed a letter of intent to acquire SmartLearn WebTV, an IIT JEE and AIEEE content company.
With this acquisition, EdServ makes its entry into the multi-billion dollar worldwide Pre-School segment which is expected to grow at 40% to a billion dollar market in India by 2012.
Founded by ex-Infoscians in 2007, Sparkling Minds is India’s first-of-its-kind online pre-school and junior school offering with a worldwide customer base spanning across the US, Europe and Australia. Currently, Sparkling Minds has around 2,000 registered users that include teachers, parents and pre-school owners, apart from children, says a company release.
“Acquisition of Sparkling Minds positions us to be the only online pre-school and junior school player providing parents-children-teacher collaboration in both off-campus and in-campus model worldwide. The acquisition also strengthens our offering in the education space with presence in the entire learning chain right from cradle (KG) to careers in a progressive learning model providing career seeding to students at an early age,” a release quoted S. Giridharan, Chairman and CEO, EdServ, as saying.
