Globals ITeS Gets Funding From Commonwealth Education And Encore Operating Partners
Bangalore-based Globals ITeS Pvt Ltd has raised funding from 1886 Investments Limited, UK (the investment arm of Commonwealth Education Trust) and Encore Operating Partners, Dubai.
Globals has diluted a total of 39% stake to 1886 Investments Ltd and Encore Operating Partners.
Globals will use the funds to develop cloud-based products in the education space such as ERP systems for K-12 educational institutions, low-cost tablet PCs and online teacher training platform.
Transaction Reference: Press Release
Globals ITeS was started by Suhas Gopinath, now 25, at the age of 14 from an internet cafe in Bangalaore. Company provides software products focusing on the education sector. Suhas also serves on the ICT Board of the World Bank Group and World Economic Forum Advisory Board.
Globals has developed products like 'educationERP.net', a SaaS based enterprise system for K-12 educational institutions to manage the student lifecycle, administration of the school, staff management, payroll, fees, time tabling and more.
educationERP.net is deployed in more than 150 schools across India, Singapore and Mauritius.
Globals is also launching 'eBag', a low cost tablet PCs for students and teachers in India, Middle East and Africa, and also an online teacher training platform.
Commonwealth Education Trust, founded in 1886 by Prince Edward, Prince of Wales, gives grants for various foundations and trusts across to world for primary and secondary schools and teacher training.This is the first investment they are making through 1886 Investments Ltd.
Encore Operating Partners was founded by Hari Padmanbhan, former CEO of ICICI Infotech, Middle East, Sribaschha Joshi, former CFO of ICICI Infotech, Middle East, and Dr Maninder Bhandari. It invests in companies in India and Middle East, preferably to acquire 51% stake.
It has investments in Chennai-based Theme Technologies Pvt. Ltd, which provides IT solutions to BFSI sector and markets its products under 'ThemePro' brand.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 14/07/11 | Globals ITeS - 1886 Investments, Encore Operating Partners | Private Equity | Encore Operating Partners | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 17/05/12 | Private Equity | Looking For | Prizm Payment Services Private Limited | 92.18 | Planned |
| 17/05/12 | M&A | Carzonrent India Private Limited | QCABS | - | Announced |
| 17/05/12 | M&A | Trivone Digital Services Private Limited | Chakpak Media Private Limited | - | Completed |
| 17/05/12 | M&A | Trivone Digital Services Private Limited | WheelsUnplugged.com | - | Completed |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| 1886 Investment Limited | Education | www.commonwealth.org.uk | ||
| Encore Operating Partners | Education | www.encoresolutions.org | Hari Padmanabhan | |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Globals ITeS Private Limited | Subhash Gopinath | No. 615, 14 th Main, Gokula 1st Stage, 1st Phase | www.globalsinc.com | |
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