Al Tanmiya holdings, a Kuwait based multinational educational company has acquired 45% stake in Mumbai based Prolific Systems and Technologies for Rs 110 million or Rs11 crore. Prolific is an automation training company focused on imparting advanced vocational training to customers from both retail and corporate segments in India and other emerging economies.
Prolific will use the raised amount to expand itself in the businesses of retail training, corporate training within India as well as in the entire MENA region. The company also plans to take its training modules overseas, especially to countries in the Middle-East and North Africa. Yen Management Consultants Pvt Ltd was the investment banker for the deal.
Al Tanmiya aims to participate in the Indian market in the vocational education segment along with Prolific and also aims to leverage Prolific's capabilities in the international markets where Al Tanmiya group has a strong presence, it said in a statement.
Prolific currently has 280 employees and plans to hire 150 additional employess over the next two years. It is expected to post Rs 13 crore in the current fiscal year. Al Tanmiya Holdings is an investment company and it has invested Rs 480 crore in different companies.