Mumbai: Education services provider EdServ Softsystems Ltd said on Tuesday it has bought e-learning firm SmartLearn WebTV, its third acquisition in this segment in the last 6 months, sending its shares higher.
Last week, it bought Hyderabad-based SchoolMATE while in September it acquired 2tion.com to expand its presence into the online tuition services space.
With this acquisition, Edserv has added a new revenue stream, targeting the 100-billion-rupee Indian Institute of Technology Joint Entrance Exam (IIT-JEE) and All India Engineering Entrance Exam (AIEEE), it said in a statement to the Bombay Stock Exchange.
It did not provide financial details of the acquisition.
At 1.11 pm, shares in the company were up 5.36% to Rs266.35 in a firm Mumbai market.
“We expect to start seeing the full impact on our revenues in 2010/11,” chairman S Giridharan said.
“The acquisition of SmartLearn provides us with immediate access to 10,000 students who are already undergoing IIT-JEE training,” he added.
Edserve plans to launch SmartLearn’s Web TV offering across India, reaching out to IIT-JEE and AIEEE aspirants in the next academic year and hoping to more-than-double its student base to about 25,000 students in each of these two categories, it added.