The youth, today is consciously aware of the future of themselves as well as the globe. However motivated must the multitude be, there are always some who pull you back but in times like these, one must have a disciplinary guideline. One such institute for taking the youth of all age-groups in the right academic direction is TIME.
Veranda Learning Solutions Ltd, an edtech company that went public earlier this month, stated on Monday that it was buying T.I.M.E, a popular test preparation company, for Rs 287 crore.
According to a business statement, the acquisition will be staged, with the first phase involving the purchase of 80 percent of the outstanding capital as well as management control, followed by the purchase of the remaining 20 percent at the end of two years, subject to closing conditions being met. Veranda’s foray into MBA, NEET, and JEE test prep, as well as the pre-school segment, is a result of this acquisition.
About the partnering companies
Triumphant Institute of Management Education Pvt. Ltd. (T.I.M.E.) is headquartered in Hyderabad and is India’s premier exam preparation institute with a pan-India reach. T.I.M.E. was founded in 1992 and now has 185 offices in 96 towns and cities across the United States. The core staff includes over 40 IIT/IIM alumni.
The 30-year-old test prep company also operates a chain of pre-schools under the T.I.M.E. Kids brand, with 222 locations in 56 cities. Since its inception in 1992, the company claims to have trained around 22 lakh students and has around 37,000 unique test takers for its flagship online CAT test series – AIMCAT.
TIME provides preparation for national and state-level entrance exams such as the CAT, MAT, CMAT, CLAT, IIT Foundation, JEE mains & advanced, NEET, IPM, BBA, CUET, GATE, Bank PO, SSC, State-level admission exams, and international exams such as the GMAT, GRE, IELTS, and TOEFL, as well as campus recruitment training.
Veranda Learning Solutions is a publicly traded ed-tech firm based in Chennai that provides a variety of training programmes for competitive exams.
https://twitter.com/VerandaLearning/status/1513478368863612928?cxt=HHwWgMDT9dij-oAqAAAA
Following the announcement of the deal, shares of Veranda Learning Solutions (NSE 4.98 percent), a recent Dalal Street debutant, surged to the upper circuit on Tuesday. Following the news, the company’s stock rose 5%, or its daily circuit limit, to Rs 208.45, a new lifetime high. On Monday, April 25th, the stock closed at Rs 198.55.
Authorities’ comments on the deal
“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% of all students admitted into the IIMs. T.I.M.E. 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,” said Kalpathi Suresh, Executive Director cum Chairman, Veranda.
“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,” said Manek Daruvala, Founder & Director, TIME
Edited By: Khushi Thakur
Published By: Mohammed Anees
