Financial Daily from THE HINDU group of publications
Friday, May 27, 2005
Financial Daily from THE HINDU group of publications Friday, May 27, 2005 |
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Info-Tech
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Mergers & Acquisitions TechBooks to acquire Maximize Learning, to hire more Our Bureau
Pune , May 26 THE US-based TechBooks, a content outsourcing services and solutions provider on Thursday announced the signing of an agreement for the acquisition of the Pune-based Maximize Learning, a provider of advanced e-learning solutions, in a cash and equity deal, details of which were not released to the press. The company also announced its hiring plans in India with more than 1,500 additional headcount, majority of them in Pune, to be added in the next twelve moths. TechBooks currently employs over 2,800 people across its global operations while Maximize Learning has a staff of 400 people. "We will invest between $5-7 million in technology and people immediately after the acquistion," Mr Ranjit Singh, CEO and President, TechBooks, said. "Outsourced e-learning services are a rapidly growing content services segment with broad application for corporate, government and education markets and we will continue to make acquisitions and make internal investments to become the number one in this space," he added. Maximize Learning CEO, Mr Sushant Buttan (will become Senior Vice-President Techbooks now), said the acquisition meant that the company will now have the financial backing of TechBooks to grow and meet the demand for outsourced e-learning services globally. "Our mission is to continue to grow Maximize Learning to meet the expanding need for cost-effective enterprise-wide learning programs for large, global customers. "There will be significant investments now in our R&D team, technology groups and infrastructure and we will now recruit senior consultants in North America who will train our Indian team," he said According to Nasscom, the global corporate e-learning market is expected to reach revenues of $23 billion by 2005, growing at a 25 per cent annually. The domestic e-learning market is at a growing stage and in 2002 was an estimated $4-5 million with an expected 4-year growth rate of 20-25 per cent. The acquisition is subject to the Indian Government approvals and is expected to be completed in the next 8-10 weeks. TechBooks is currntly in six locations in the US, the UK and India..
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