India’s ICICI Bank has acquired 9.09% stake in Hyderabad-based school management platform MyClassboard for cash consideration of Rs 4.5 crore.
Announcing the acquisition, the private sector lender said in its regulatory filing, “ICICI Bank has entered into an agreement.... in relation to an investment in MyClassboard Educational Solutions Pvt Ltd (MESPL).”
“Post investment, ICICI Bank will hold 9.09% stake in MESPL through acquisition of 100 equity shares and 104,890 cumulative compulsorily convertible preference shares on fully diluted basis,” it added.
Founded in 2008, MyClassboard offers a multipurpose school management software system that empowers schools to manage and monitor the day-to-day operations and functions of every department effectively. It enables school administrators to manage all the clerical tasks involved in running a school like managing student and staff data, streaming administrative tasks, maximizing communication between school and parent and inspiring the students to perform better and learn faster.
MyClassboard offers almost everything that an institution will ever need like school admission, grade management, communication between schools and parents, fee management, transportation, HR and payroll management, library management, among others. Considered itself as ‘India’s most widely used school management software’, MyClassboard claims its system is used by more than 3000 schools across the globe, over 15,00,000 students from across 500+ cities.
According to PTI, which reported the acquisition deal on December 29, MyClassboard reported turnover of Rs 12 crore in FY 2020 .
The transaction is expected to be completed by end of February 2021 and since the acquisition is below 10%, regulatory approval is not required, ICICI said.