MEG invests in MeritTrac

Bangalore, May 28 (UNI) Manipal Education Group (MEG) today announced acquisition of majority stake in MeritTrac, India's Largest Skills Assessment/Testing Company and a pioneer in the field.

MEG would buy out the stake of the existing financial investor - HAV2 (Mauritius) Limited, infuse addition equity and take a majority stake of around 70 per cent. The valuation of MeritTrac amounts to around Rs 75 crores, MEG said in a release here.

This transaction would also see the merging of Manipal's Pariksha Online Assessment/Testing with MeritTrac. The combined entity would continue to be known as MeritTrac and would be the clear leader in the assessment spaces in both off-and on-line formats right across the spectrum. With a total work force of over 450 people, the combined entity would now have executed over Two million tests.

As the majority stake holder, MEG will play a strategic role and would join the Board of Directors of MeritTrac, and support its growth into newer markets. MeritTrac would operate as an independent assessments/testing service provider, and continue to be led by the founding team of Madan Padaki, Murlidhar.S and Mohan Kannegal.

Commenting on the investment Manipal Education MD and CEO. Anand Sudarshan said that ''we see this investment as a way forward to consolidate the overall leadership position in the market. We both have been innovative in our approach in this sector and we also see synergies accruing through this move'' he added.

UNI