Wikipedia

Educomp Solutions

Educomp Solutions Limited (ESL) is an Indian multinational educational technology company, headquartered in Gurgaon, Haryana, India. Founded in 1994 as a private limited company by Shantanu Prakash and Anjlee Prakash,[1] it has offices across 18 Indian states besides having overseas presence in Singapore and the United States. The company was popular for its flagship product Educomp Smartclass[2] which once served thousands of schools in India, United States, Canada, Singapore and Sri Lanka[3] before the brand's acquisition by Ebix in 2018.[4][5][6] It was once described as India's largest technology-driven education company by The Economic Times.[7]

Educomp Solutions Limited
Native name
एडुकॉम्प सॉल्यूशंस
Company typePublic company
BSE: 532696
NSE: EDUCOMP
IndustryEducational technology
FoundedSeptember 7, 1994; 29 years ago (1994-09-07)
FounderShantanu Prakash
Anjlee Prakash
Headquarters514 Udyog Vihar Phase III, Gurgaon, Haryana 122001,
India
Area served
Worldwide
Websitewww.educomp.com

History edit

Educomp Solutions Limited was founded as a private limited company by Shantanu Prakash, an alumnus of Indian Institute of Management Ahmedabad and Shri Ram College of Commerce along with his wife, Dr. Anjlee Prakash in September 1994.[8] The organization was engaged the business of setting up and maintaining of computer labs in private schools under the BOOT model and in government-run schools under subcontracts awarded by Indian government undertakings.[9] The company launched eCampus and PlanetVidya.com in 1998.[10] In 2000, the company started its trading operations with CD-ROMs. In September 2000, the firm was converted into a public limited company. In October 2000, the company received a US$2.5 million strategic investment from The Carlyle Group.[11] The company entered the India's e-learning market in 2002 by launching LearningMate in partnership with US-based educational technology company Blackboard Inc.[12] In June 2003, it launched Educomp Smartclass,[13] a hardware for digitally equipping classrooms. In August 2004, it entered the American market by signing a US pilot project with Santa Barbara-based Franklin Elementary School.[14] In 2005, Educomp was conferred the "CNBC-ICICI Bank Emerging India Award" as the ‘Company of the year 2005’ in the ICE and ITeS category.[15] In 2008, it acquired 51% stake in Takshila Management Services. The company was on the height of its success between the years 2008 and 2012.[16] In 2013, the firm signed a memorandum of understanding with Singapore's Raffles Institution.[17] In July 2016, ESL announced a joint venture called Ebix Educomp Solutions in which ESL held 49% stake, while the remaining 51% stake is held by Ebix Software.[18] In May 2017, the company filed for insolvency in National Company Law Tribunal.[19] In January 2018, Educomp launched an e-learning platform, SmartclassOnline.[20] In April 2018, Ebix purchased a majority stake of US$8 million for Smartclass Educational Services Pvt. Ltd (SESPL),[21][22] thus paving the way for the former to enter India's 30 billion dollar digital education market.[23] In May 2018, the International Finance Corporation submitted a petition to the National Company Law Tribunal asking to probe Educomp's alleged 'preferential transactions' after the company filed for bankruptcy.[24] In September 2021, Supreme Court of India rejected Ebix's plea to withdraw its Rs. 4 billion offer for Educomp.[25]

References edit

  1. ^ "Educomp Solutions". www.cmlinks.com. Retrieved 11 January 2022.
  2. ^ Saraswathy, M. (25 December 2013). "Education firms learn a few lessons". Business Standard India. Retrieved 11 January 2022.
  3. ^ "Educomp launches new interactive classroom programme". The Economic Times. Retrieved 11 January 2022.
  4. ^ "Educomp's Insolvency Process Becomes Murkier as Ebix Buys Smartclass Educational Services". The Wire. Retrieved 11 January 2022.
  5. ^ "Ebix forays into Indian edtech space with $8m majority stake in Smartclass". DealStreetAsia. Retrieved 11 January 2022.
  6. ^ Bhalla, Mohit; Khosla, Varuni. "Ebix leads the race to buy Educomp with Rs 325-crore bankruptcy offer". The Economic Times. Retrieved 11 January 2022.
  7. ^ Chatterjee, Paramita. "One good school of thought". The Economic Times. Retrieved 1 February 2022.
  8. ^ "Educomp Solutions Ltd". Business Standard India. Retrieved 11 January 2022.
  9. ^ "Educomp Solutions History | Educomp Solutions Information". The Economic Times. Retrieved 11 January 2022.
  10. ^ "History of Educomp Solutions Ltd., Company". Goodreturn. Retrieved 11 January 2022.
  11. ^ "Education biz's moving places". The Economic Times. Retrieved 11 January 2022.
  12. ^ "Educomp ties up with US co for e-learning solutions". The Economic Times. 6 May 2002. Retrieved 11 January 2022.
  13. ^ "Educomp Solutions Ltd". www.edelbusiness.in. Retrieved 11 January 2022.
  14. ^ Staff Reporter (14 February 2010). "Educomp Solutions: Learn & Earn!". Rakesh Jhunjhunwala. Retrieved 11 January 2022.
  15. ^ Network, digitalLEARNING (3 August 2007). "Set to Hit the One Billion Turnover by 2010 : Shantanu Prakash, CEO Educomp Solutions". digitalLEARNING Magazine. Retrieved 11 January 2022.
  16. ^ Bhalla, Mohit; Basu, Sreeradha D.; Khosla, Varuni. "Educomp: Cautionary tale of a sudden fall from a star business to a bankrupt firm". The Economic Times. Retrieved 11 January 2022.
  17. ^ Reporter, B. S. (4 October 2007). "Educomp signs MoU with S'pore-based Raffles". Business Standard India. Retrieved 11 January 2022.
  18. ^ "Educomp's Insolvency Process Becomes Murkier as Ebix Buys Smartclass Educational Services". The Wire. Retrieved 11 January 2022.
  19. ^ Gairola, Manoj (6 April 2018). "How Educomp may have subverted the spirit of India's IBC process". Business Standard India. Retrieved 12 January 2022.
  20. ^ Pandey, Navadha. "Educomp launches e-learning platform". @businessline. Retrieved 11 January 2022.
  21. ^ Varun (3 May 2018). "US-based Ebix emerges as highest bidder for Educomp, also to acquire major stake in Smartclass Educational". The Indian Wire. Retrieved 11 January 2022.
  22. ^ ANI (1 May 2018). "E-learning: Ebix to acquire majority stake in SmartClass Educational". Business Standard India. Retrieved 11 January 2022.
  23. ^ Akash (1 May 2018). "Ebix to enter India's $30 billion digital education market". digitalLEARNING Magazine. Retrieved 11 January 2022.
  24. ^ Bhalla, Mohit. "Educomp Bankruptcy: World Bank arm seeks independent investigation into Educomp bankruptcy". The Economic Times. Retrieved 12 January 2022.
  25. ^ Bhalla, Mohit. "Supreme Court rejects Ebix's plea to withdraw Rs 400 crore offer for Educomp". The Economic Times. Retrieved 11 January 2022.
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