Educomp Solutions

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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

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]

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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