M&A is in the air and expect 2010 to be a milestone year for the startup ecosystem.
EdServ Ltd, the Chennai-based education and placement company, has acquired the Hyderabad-based SchooMate for an ‘enterprise value’ of Rs 4 crore. The acquisition provides EdServ additional points of presence in 70 schools.
Essentially, SchoolMATE is a CRM+ ERP for school and enables two-way communication between parents and the institute using the most common media of communication – SMS and E-Mail. SchoolMATE also offers an array of value added services to educational institutions to efficiently administer their activities.
Investor in the company includes R. Ramaraj of Sequoia, KBC of e4e, Gopal Srinivasan of TVS Suzuki and others.
Sangeetha Acquires Wavetel
Mobile handset retail chain Sangeetha has acquired the Chennai-based Wavetel for Rs 13 crore (excluding inventory). Sangeetha currently has a network of 100 stores in Andhra Pradesh, Karnataka and Tamil Nadu, while Wavetel has 21 outlets in Chennai with close to Rs 70-crore turnover. – more