Cressanda Solutions to acquire 20% stake in Cadcon Education

Cressanda Solutions Ltd sign LOI to acquire 20.1% equity holding in Cadcon Education Pvt Ltd

Deal is inline with company’s strategy to build a global business with software and technology services at its core

Highlights:-

• Cadcon Education Pvt Ltd is a start-up that is catering to the demands of the ed-tech sector with its product tchr

• Both parties agree to a target date of 31 March 2023 or earlier to conclude the definite documents related to the project

• Board of Cressanda Solutions has recently appointed Mr. Manohar Iyer as MD & CEO and Mr. Saugat Mahapatra as a Director and CFO

• Cressanda Solution has received prestigious order for in-coach digital advertising in Kolkata Metro

• In July 2022 Cressanda signed a MOU with a consortium led by Bufshelfco, South Africa for a period of three years to provide IT infrastructure, super app development, digital services etc

Mumbai: Cressanda Solutions Ltd – leading company providing IT solutions, digital media and IT enabled services has signed Letter of Intent (LOI) to acquire 20.1% equity holding in the Cadcon Education Pvt Ltd. The letter of intent is in line with company’s strategy to build a global business with software and technology services at its core. Both parties agree to a target date of 31 March 2023 or earlier to conclude the definitive documents related to the project. 

The deal is expected to create a mutual collaboration and business opportunities with larger common interest of making meaningful contribution to the society and create value to customers. Exclusivity period of the letter of intent is 30 calendar days from signing date by both parties. The Non-disclosure agreement (NDA) will be valid during the exclusivity period. 

Cadcon Education Private Limited is a start-up that is catering to the demands of the ed-tech sector with its product tchr., and is growing exponentially. tchr. is an online education platform for teaching and providing academic solutions for K-12 to children in regional languages, with the motto - ‘Accessible and Affordable Education For All’. 

Sharing more details on the LOI, Mr. Manohar Iyer, Managing Director and CEO, Cressanda Solution Limited said, “Our initial impression of Cadcon, its team, the product and the concept of TCHR and the positive impact that would bring in to the education system in our country looks very encouraging.” 

India's ed-tech industry is growing tremendously and is estimated to reach $10.4 billion by 2025 with 37 million paid users. The growth is fueled by increasing demand for academic and non-academic courses in tier 2 and tier 3 cities, and the need for customization in the ed-tech industry.

Upon signing of this LOI, Cressanda Solutions will seek its board diligence process to evaluate and arrive at the value of Cadcon. Both parties agree to a target date of 31 March 2023 or earlier to conclude the definitive documents related to the project contemplated by this LOI, falling which the LOI will become null and void without further notification. Both the parties may extend the term of the LOI on such terms and conditions as may be mutually agreed in writing by the parties.