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Edserv Softsystems acquires 2tion.com

Posted On: 2009-09-30 06:01:10


Close on the heels of announcing its foray into the Schools segment, Chennai based education & placement company EdServ Softsystems Ltd, has announced the 100% acquisition of 2tion.com, an online tuition portal. EdServ will acquire the entire portal business of 2tion.com along with its several hundreds of tutors / teachers and will now have direct access to the large 50,000 plus student base of 2tion.com.

Chennai headquartered 2tion.com is an online portal company connecting students directly with tutors for expert lectures, doubt clearing sessions and exam preparation using audio and video chat tools. 2tion.com provides online teaching services both in a 'one-to-one' format as well as 'one-to-many students' format. In addition to the big domestic student base, 2tion.com has students from the US, UK, Africa, Middle East and South East Asia availing its online tuition services. This strategic acquisition of 2tion.com will help EdServ jumpstart its school expansion plans, where in the company is targeting to open 50 schools over the next 6 months.

EdServ expects to gain quick spread across the large student base that already avail tuition services on 2tion.com. This acquisition is expected to start generating revenues for EdServ from the next quarter. As part of this acquisition, EdServ plans to merge its to-be-launched EdClass product with 2tion.com portal to make it available across all types of Internet users of both school and college levels including home based users over Web on registering with EdServ. This enables the students to avail all kinds of online learning services like tuition, exam preparation, video classes, online tests, doubt clearing sessions, and expert lectures apart from multi-skill development like Spoken English across India instantly.

Expanding Online Tutor base - EdServ shall also quickly expand the tutor base from a few 100s currently on-board to 1,000+ in the next 3-6 months. The company will target career oriented housewives, retired professors and part time lecturers from all over India to connect from home and to broadcast online.

Commenting on the acquisition in the online tuition services space, S. Giridharan, Chairman and CEO, EdServ said, "With increased access to the internet services in India, online tuition is gaining acceptance among school and college students and is expected to take off in a big way in the Indian market Online tuition coupled with online tests and other exam preparation aids will help students gain tremendous skills and training to face exams and to perform well in academics."

Giridharan added, "Our plan is to aggressively market the online tuition services through 2tion.com so as to get into the larger tuition market among school students across India. With Spoken English skill development through online interactive sessions gaining popularity especially in the Asian market, we will also expand our presence into the overseas market by taking this online tuition service into markets such as China and Vietnam over the next 6-12months."

Targeting college students with online tuition services - For the college segment, where EdServ already has a strong presence through its online assessment Engine, the company will now make available this online tuition services for the college students by connecting to their choice of lecturers through the improved EdClass in 2tion.com for an affordable additional fee.

G. Sujal, CEO, 2tion.com, said "EdServ is a well known player in the education space. With then-strong backing, we are confident that 2tion.com has the potential to become the leading online tuition portal in the country in the years to come".

The stock closed the day at Rs.131.55, up by Rs.4.05 or 3.18%. The stock hit an intraday high of Rs.133.85 and low of Rs.124.95.

The total traded quantity was 262776 compared to 2 week average of 150596.


Source: Equity Bulls

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