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Our Bureau

Bangalore, May 28

Manipal Education Group has picked up 70 per cent stake in MeritTrac, a skills assessment company. With this investment, MEG has acquired the stake of the current financial investor, HAV2 (Mauritius) Ltd, advised by HSBC Pvt Equity (Asia) Ltd.

The current valuation of MeritTrac is around Rs 75 crore. The transaction will see the merger of Manipal's Pariksha Online Assessment/Testing with MeritTrac. Pariksha Online Centres conducts online entrance exams and has provided online assessment services to several academic and corporate clients.

MeritTrac, founded in 2000, has so far assessed over 1.5 million candidates for 150 customers in the IT, BPO, BFSI and retail sectors. Dr Ranjan Pai, CEO of Manipal Education and Medical Group, said: "We believe in leveraging strategic tie-ups and investments for growth. This investment is consistent with that philosophy." According to Mr Anand Sudarshan, Managing Director and CEO of Manipal Education, assessments are a key link in the education value chain and hence, it was a way forward for the Group to consolidate its market position.

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