Bangalore-based start-up Globals ITeS Pvt Ltd, which develops technology solutions for the education space, has secured funding from Encore Operating Partners and 1886 Investments Ltd, the investment arm of Commonwealth Education Trust, UK. Global ITes will offload 26 per cent stake to Encore Operating Partners and another 12 per cent to Commonwealth Education Trust for an undisclosed amount, Suhas Gopinath, chairman and CEO of Global ITes, has said.
“The capital raised from these investors will go towards developing cloud-based products in the education space, such as ERP systems for K-12 educational institutions (it is software-as-a-service-based enterprise system for managing student lifecycle, school administration, staff management, payroll, fees and timetables), online teacher training platforms and low-cost Tablets,” added Gopinath. Additionally, Globals ITeS develops Web, e-commerce and mobile-based solutions.
Global ITes currently caters to 150 schools, mostly in India, and is targeting another 250 in India, Africa and the Middle East by the end of 2012. To accomplish this goal, the company will leverage the Encore advantage to expand its operations in the Middle East while Commonwealth Education Trust will help it gain access to African markets, policy makers and research & design.
Encore Operating Partners invests in IT and ITES companies in the early-growth phase. It has already made investments in Chennai-based Theme Technologies Pvt Ltd, which provides IT solutions to BFSI sector and markets its products under the ThemePro brand.
Founded in 1886, UK-based Commonwealth Education Trust develops innovative resources for primary and secondary education across the Commonwealth countries. Incidentally, it is the first PE funding made by the trust’s investment arm into a company. Earlier, it has only provided education grants to different countries for specific time frames. But with this strategic acquisition, Commonwealth Education Trust now plans to become a long-term player in the education space.
“1886 (and Commonwealth Education Trust) are seeking to establish long-term commercial partnerships through investments in organisations that support the education sector,” said John Picknett, managing director of 1886 Investments Ltd.