Core Projects Acquires K-12 Division of The Princeton Review For $20M

By Shrija Agrawal

  • 29 Dec 2008

Mumbai based IT company, Core Projects & Technologies Ltd (CORE) has acquired K-12 Division of The Princeton Review Inc (TPR) a NASDAQ listed Education Company for  $20 million, the company informed the BSE. The acquisition will be completed through its wholly owned subsidiary CORE Education & Consulting Solutions Inc, USA (CECS). The acquisition is expected to be funded out of debt being raised by CECS and will add approximately  $24 million to CORE global revenues, yielding an EBITDA of 24 percent in the first full year of operations.

 

 

Headquartered in New York, The Princeton Review is a pioneer in education and offers private tutoring and classroom and online test preparations. It works with school districts around the US and authors more than 200 print and software titles on test preparation, college and  graduate school selection and admissions, and related topics.

Core Projects also offers a wide range of services in the education domain. Besides expanding its products and solutions offerings globally, Core will cross sell its newly acquired products and solutions to existing clients. Princeton Review's K12 is a well-known brand around the globe.

 

AV Birla Group, through its  private equity arm, TGS Investment & Trade Pvt Ltd picked up a 5% stake in Core.The IT solutions provider has acquired three companies in the education sector in the past. They include the buyout of US-based KC Management Group, which provides schools management systems, for about $30 million; UK-based Azzurri, an educational software provider, for nearly $12 million, and Hamlet Computer Group, an assessment administration systems maker, for $3 million.