Continuing its aggressive positioning in the Education Sector worldwide, CORE Projects & Technologies Ltd. (CORE) today announced a slew of acquisitions in the UK and USA, thereby consolidating its position as a dominant player in the Education Sector. All the acquisitions will achieve completion by end of September, 2007.
An IT company with a strong focus on Education Products and Solutions, CORE will achieve a market leadership position in the Global Education space with these acquisitions. “The acquisitions bring with them products and solutions which CORE currently does not have. With the addition of these products, CORE is well on its way to becoming an end-to-end solutions provider in the Global Education space” according to Sanjeev Mansotra, Chairman and Managing Director.
In the USA, CORE has acquired the global businesses of KC Management Group http://www.kcmgonline.com and its subsidiaries. KC Management Group is one of the top US Education Management companies who are key trusted advisors to many states and local school districts. CORE has increased its capabilities and offerings in the education sector in areas such as Assessment, Implementation, Business Process Re-Engineering, Integration services, Training, Consulting, Professional Development, managed IT, security and network services.
KCMG currently provides services to School Systems in the states of 1) California 2) Illinois,3) Minnesota, 4) Florida,5) Georgia 6) South Carolina 7) Tennessee 8) Texas, 9) Massachusetts 10) Ohio. KCMG serves over 2500 schools and over 1.6 million school students in these states. The KC Management Group (KCMG) is a trusted advisor to many education and Government entities providing a full spectrum of services in system integration, implementation of Student Information system, Curriculum systems, Special Education systems, business consulting, Information Technology, Quality Assurance, and Organizational Development. By utilizing industry best practices methodologies and solutions, KCMG has achieved dramatic improvements in performance for business, governments, schools and individuals.
The Acquisition of KCMG is a strategic fit as it provides CORE with the right blend of expertise in management, processes, and best practices for its current and future customers.
In the UK CORE has signed a Share Purchase Agreement with Azzurri Education and a Heads of Agreement with Hamlet Computer Group.
Azzurri works to increase educational attainment through the innovative use of technology. Its technology solutions help teachers teach and learners learn. Azzurri has over 10 years’ experience of delivering a wide range of technology products, services and educational software to over 1,000 schools in the uk and some 12 local authorities. Azzurri's learning platforms bring a wealth of information and functionality to the teaching and learning environment. Azzurri’s software helps improve standards and encourages collaboration between schools, school clusters and LEAs. Azzurri is one of only two companies in the UK that hold all the four Becta Accreditations for Laptops, Interactive technologies, Network Installation and Internet Safety, together with a strong portfolio of recognised industry accreditations.
The second acquisition in the UK, the Hamlet Computer Group, was founded in 1973 and has a wealth of experience in the provision of high quality I.T. Systems to high profile organisations around the world. Hamlet’s clients include National Examinations Authorities in the UK, Africa and the Caribbean as well as professional bodies, including British Medical Colleges, and leading charitable organizations. Some of Hamlets clients are The British Council , The British Safety Council , British Red Cross Society, Royal College of Physicians, Royal Institute of Public Health & Hygiene and Society of Public Health, Royal College of Surgeons, The University of London, Chartered Institute of Management Accountants, Caribbean Examinations Council, Ministry of Education (Bahamas), Ministry of Education (Jamaica), Department of Examinations Sri Lanka, Examinations Council of Zambia, Ghana National Office of the West African Examinations Council, Kenya National Examinations Council, National Organisation for Examinations (Ethiopia), Rwanda National Examinations Council , Ministerio da Educacao e Cultura, Mozambique, Ministry of Education (Cayman Islands) Uganda National Examinations Board
The above acquisitions will add more than a dozen products to CORE’s existing repertoire of Education products. . These include EdPortal™, a comprehensive systems integration solution meeting the needs of today’s school districts; Edmastery™, a complete web-based item banking, assessment administration, and standard-based reporting solution; EdOps™, a web-based operations management solution; EdMiner™, an easy to learn student performance solution for making data-driven solutions; EdFunds™, an online e-rate tool for managing request, awards, and e-rate funding; EdAcademy™, a powerful online professional development toolset; TALMOS Primary, helps teachers deliver exciting lessons, share lesson resources and evaluate lesson effectiveness; TALMOS Attendance, a sophisticated pupil and lesson registration system designed to ease teacher workload and raise lesson attendance; TALMOS Gateway, a flexible, web-based CMS tool that allows schools to manage and update their own websites; TALMOS Classroom Manager and TALMOS Classroom Filter, practical tools to assist teachers in controlling the class and classroom, TALMOS Guardian acts as a comprehensive safety net across all applications, including chat rooms and email; FAIM – the most comprehensive, reliable and cost effective exams management system available to assessment & qualifications providers worldwide and is a web-enabled, state of the art system that manages ANY type of assessment process and finally, The NFP Series – an integrated Welfare & Financial Management System for charitable organisations and associations in the Not for Profit Sector.
The addition of these products to CORE’s existing portfolio of Education Solutions will enable CORE to strengthen its position in the Indian Education Sector. These products incorporate the critical software components required by Administrators and Educators in India to successfully implement Mission Mode programs like the Sarva Siksha Abhiyan (SSA). With time tested and “go to market” products readily available with it, CORE will be in a position to substantially reduce the implementation period of programs like the SSA.
On completion, the acquisitions will immediately add USD 45 million annually to the revenues of CORE. “All the acquired businesses are operating at 12-15% EBT margins. With the migration of product development to our Global Delivery Center at Mahape, we expect to improve these margins to about 20-22%. Revenues will also see a significant increase, since we will cross sell all our products to the existing and newly acquired customers” said Mr Mansotra. The acquisitions will cost CORE about one times the revenues of the acquired businesses, which will be about USD 45 million. This will be funded out of the FCCB proceeds which the company had raised in May, 2007.
