MPS Interactive Systems, a subsidiary of publishing solutions provider MPS Ltd, will acquire 65 percent stake each in four entities of Australia's digital learning solutions brand Liberate Group, as per a regulatory filing made on August 29.
The acquisitions have been made for an amount of 9.32 million AUD, which is equivalent to around Rs 49.5 crore.
The remaining 35 percent shareholding will be acquired by MPS Interactive in subsequent tranches, "based upon valuation methodology as agreed under the transaction documents", the exchange filing added.
The four entities that are targeted to be acquired are as follows: Liberate Learning Pty Ltd (Australia), Liberate eLearning Pty Ltd (Australia), App eLearn Pty Ltd (Australia), and Liberate Learning Limited (New Zealand).
"eLearning has been our fastest-growing business, and the acquisition of Liberate Group furthers our momentum. We stay committed to our recently modified acquisition playbook that focuses on growing businesses that add tremendous value and synergies to MPS," said Rahul Arora, chairman and CEO of MPS Ltd.
Liberate Group founder Rodney Beach said the backing of MPS will allow them to "better service customers through streamlined management and reporting platforms and digital infrastructure".
"Over the next several years, we will be leading the Australia and New Zealand learning and development sector through positive change, reshaping how training and education institutions think about training innovation, and we will be well placed to lead our sector in AI, VR, AR, and machine learning – creating blended and digital learning solutions that are revered throughout the world," Beach added.
In the trading session on August 29, MPS shares inched higher at the stock market, and closed at Rs 1,500 on the BSE. This was 0.59 percent higher as against the previous day's close.
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