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Educomp Solutions sells Wizlearn to V-cube

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Educomp Solutions has sold its entire stake in Singapore based Wizlearn Technology to V-cube Global Services for an undisclosed amount, the company informed BSE in a filing (pdf). Educomp had acquired Wizlearn (previously Asknlearn) for $7 million in 2007 in cash and options at that time and later transferred the stake from Educomp Asia Pacific to Educomp Intelliprop Ventures for $9 million.

Educomp states that it made a 57% return on its original investment and that it will use the money to its debt to Axis Bank. The company said that the sale included its associated subsidiaries Singapore Learning, Pave Education and Wiz Learn (e-learning solutions company).

Sale of Gateforum Educational Services stake
In August last year, Educomp Solutions-owned Educomp Online Supplemental Services sold its majority shareholding in Gateforum Educational Services to ASK Pravi Private Equity Opportunities Fund for an undisclosed amount. ASK Pravi Capital said they would look to leverage Gateforum’s GATE preparation platform and scale it to other test preparation spaces.

IndiaCan stake sale
In 2013, Educomp sold 50% of its stake in IndiaCan, a vocational training business to Pearson, its joint venture (JV) partner in the venture. The JV IndiaCan was started between Educomp and Pearson in 2009 to tap on the vocational training market in India. Educomp stated that this move was part of their “consolidation strategy”, a third in a series of exits from non-core businesses. The company said that this stake sale was made to avoid the need to fund losses and other capital needs of a non-core business.

Educomp subsidiary Authorgen raised Rs 22 crore
In the same year, Authorgen, a subsidiary of Educomp Solutions, raised Rs 22 crore from Private Equity firm Kaizen and Bertelsmann, a German media company. Authorgen operated WizIQ.com, a web based platform for education services providers that enables them to create virtual Classroom and Convert document to flash.

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In 2011, Educomp Solutions received the approval of its shareholders to transfer the domain and the business associated with the StudyPlaces.com business to its wholly owned subsidiary Educomp Software Limited. The business being transferred would cover the domain name studyplaces.com, its “business contracts along with all the employees, assets liabilities including all licenses, permits, consents and approvals whatsoever as a going concern” based on the book value as on 31st March 2011.

Acquisition of Studyplaces
In 2010, Educomp had acquired and merged Studyplaces with a maximum consideration of $1.5 million dollars, as a preferential share allotment. Info Edge, which had invested $1 million in the company along with $1 million each from Kleiner Perkins, Caulfield & Byers (KPCB), Sherpalo Ventures had reported that they had lost money on the deal. At that time, Livemint had reported that Educomp planned to sell its entire 50% stake in Eurokids International Ltd, which runs pre-schools and publishes children’s book.

Check out our education coverage here.

Image Credit: Flickr user opensource.com

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Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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