Core Projects & Tech close to acquisition in US,UK: Srcs

CNBC-TV18 has learnt that Core Projects and Technologies is close to completing an overseas acquisition.

Sources said that there are two acquisitions lined up for Core Technologies- one is based out of the US and the other one is in the UK.

Analysts said that both these acquisitions put together will work out to close to USD 20-25 million. The deal size is small but the acquisition space is quite competitive and it is going to have a major impact for the company in both the US and UK markets.

Currently, the company is present in the IT education and backend space, where they provide compliance data management, data gathering, reporting and assessment work for government institutions and colleges based out of the US and UK. By this acquisition, the company will have a full bouquet of products to offer to the universities.

Analysts commented that it is a USD 75 million market in the IT education and backend space in the US and close to USD 40 billion in the UK and in a combined form, it is a huge market for the company.

Core Projects and Technologies is very focused in this space and the deal is likely to be closed in a fortnight, added analysts. The due diligence is over and all the funding will be done through the FCCB issue.

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