Education services leader Manipal Education Group (MEG) has acquired a majority stake of over 70 per cent in leading skills assessment and testing company MeritTrac. As part of the transaction, MEG has acquired the stake held by HAV2 (Mauritius) Ltd, merged its Pariksha Online Assessment/Testing with MeritTrac and invested additional funds.
The transaction was formalised on Monday in the presence of Dr Ranjan Pai, CEO, Manipal Education and Medical Group. The new entity will cover testing and assessment of candidates, both for the corporate and education segments.
Mr Anand Sudarshan, MD and CEO, Manipal Education said the entity held the potential to test and assess candidates at different levels: high school, college entry, higher education, pre-recruitment and through the career progression. The entity will continue to be known as MeritTrac. The valuation of MeritTrac amounts to about Rs 75 crore.
Pariksha, Manipal’s online assessment/testing company, is run on 19 online examination centres across India and has been providing online assessment services to leading academic institutions and corporates. The company is also looking to tap on capabilities in medical and bio-science areas, Mr Madan Padaki, Co-founder and Director, MeritTrac, said. MeritTrac had recently collaborated with the Visvesvaraya Technological University on certification programme.