Veranda an ed-tech company on Monday announced that it has signed a definitive agreement to acquire T.I.M.E. — an entrance coaching platform. The acquisition will be made for a consideration of Rs 287 crores.
As per a press release issued by Veranda this 100 per cent acquisition will be in a phased manner with 80 per cent of the outstanding capital along with management control in phase one, followed by the purchase of the remaining 20 per cent at the end of two years.
Kalpathi Suresh, Executive Director Cum Chairman, Veranda, said “The acquisition of T.I.M.E. allows Veranda to expand its national footprint with an asset that has known to have sent around 50 per cent of all students admitted into the IIMs.” He also added, “Veranda through this acquisition also diversifies into the Pre-school and the language training space, which I believe are two strong pillars of growth.”
Manek Daruvala, founder & director, T.I.M.E. said, “We are delighted to be partnering with Veranda on the journey ahead that T.I.M.E. will be undertaking. 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.”
T.I.M.E. 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.
Pramod Kumar, founder & director, T.I.M.E. said, “Extensive geographical penetration of T.I.M.E will be a strong advantage to the combined entity. With almost all competitive examinations in online format, combined strength of Veranda Learning & T.I.M.E in this area will be able to provide highest standards in training.”
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