SanjeevMansotra, Chairman and Global CEO, Core Education & Technologies Ltd, a first generation entrepreneur, Sanjeev Mansotra formed CORE in the year 2003. Sanjeev Mansotra vision has powered CORE’s growth strategies in the education domain, worldwide. Under his able leadership, CORE has become one of India’s largest global education companies offering best of breed end-to-end solutions in more than three continents across the world. The company’s products and solutions spans all stages of education – K12, teachers training, higher education & vocational training courses and generated a turnover of about Rs. 1091 crores during the FY 2010-11.
CORE Education & Technologies Limited (CORE) is an Indian multinational in the education space with operations in the US, the UK, the Caribbean, Africa and India. CORE, a first generation entrepreneurial venture by Sanjeev Mansotra, provides integrated products, solutions and service provider in education. CORE’s offerings cover compliance, assessment, ICT, content, teacher training, vocational training, examination management system, language skills and has globally impacted more than 85,000 schools, 31 million students and trained over 100,000 teachers.
Speaking with Yash Ved of IIFL, Sanjeev Mansotra says “I believe that the next wave of explosive growth for CORE will come from India and other emerging markets.”
What are your plans in the education space?
We have a global footprint with operations across the US, Africa, UK and India. In the US, we are focused on assessment and intervention and we have 6% market share. In Africa, we are focused on Systems Integration and ICT, which is driven by local needs of the market.
In India, ICT in Government schools has made a significant contribution towards revolutionising teaching and learning platforms in government schools in India. We witnessed an unprecedented year which saw us bag contract for over 9,000 schools under the ICT projects in India. This is a testimony for CORE’s exemplary implementation track record with Governments across the world.
I believe that the next wave of explosive growth for CORE will come from India and other emerging markets. With a unique offerings portfolio catering to the entire continuum of education, CORE is uniquely poised to build new paradigms in Education.
In what we see as a culmination of our experience, expertise and efficacy in offering educational solutions, we look to establish Institutes of Excellence in K-12 and Higher Education segments. We are planning to set up 10 IB schools in urban and semi-urban areas across India.
What is the current order book ?
Our current order book position stands at Rs. 11bn with Rs. 6bn coming from India.
Brief us about your capex plan for FY12?
We have a capex requirement of Rs. 10bn over the next 36 months.
Brief us about your financials?
The company recorded consolidated revenues of Rs. 10.91bn for the year ended March 31, 2011, and Rs. 2.98bn for FY11. On a YoY basis, the consolidated quarterly revenue grew by 24%, whereas the figure for year FY11 was up by 29%.
EBIDTA (consolidated) for the year ended 31st March, 2011 stood at Rs. 4.09bn (Rs 2.91bn last year), an increase of 41%. The company’s net profit for FY11 shot up to Rs.2.25bn, showing an increase of 31% over the previous year.
The basic consolidated EPS (Earnings Per Share) for FY11 stood at Rs. 21.79, up from Rs.18.71 for the last fiscal year.
Brief us about your revenue in percentage terms?
About 77% of our revenue comes from education space, 8% from ERP. About 7% of our revenue comes from Logistics space, while the balance 8% of our revenue comes from Consulting space.
What is your shareholding pattern?
Our promoter holding stands at 44%.
What kind of hiring are you looking at?
Currently our employee strength stands at 1,200 plus globally. We are planning to hire approximately 200 more employees in FY12.
Recruiter recently mentioned that Indian education solutions provider CORE Education & Technologies has acquired UK education recruiter ITN Mark Education for around $25m (£15.4m), through its subsidiary Core Education and Consulting Solutions (UK).
CORE Group, chairman and global chief executive, Sanjeev Mansotra, says: “ITN Mark contributes towards the ultimate goal of making teaching globally competitive in each and every sector. ITN is already focused on imparting industry-relevant training to the teachers. We are sure with this acquisition CORE will scale new peaks in its mission to take education to its next dimension.”
ITN Mark was acquired from UK talent management solutions provider Ochre House.
Ochre House group managing director, Chris Herrmannsen, told Recruiter: “The business was bought by a listed company and they had to make a stock exchange announcement last night. There will be a formal announcement later today.
“ITN Mark Education is a specialist education recruitment business. Core Education, the acquirer of the business, is pretty large multi-national education services business. From that perspective, the team at ITN Mark are delighted to join forces with Core on the basis that their sole focus is education and services around schools and teachers.
“It is an opportunity for ITN Mark to work in an environment that is dedicated to that industry sector. Core has a very large international footprint so they can expand more quickly. They also offer complementary services into recruitment and resourcing, and so can deliver synergies around their education team.
“It does not mean they [ITN Mark] are in any way changing. They will not rebrand their services; they will not effectively change what they are doing.
“Ochre House was formed in 2006 through a management buyout. We acquired a range of subsidiaries. Effectively, we operate in three categories. We had the ITN Mark business dedicated to the public sector and, in particular, education.
“We have the commercial recruitment segment and we have an RPO business. This realigns the Ochre House business around the commercial markets. If you look at the remaining business — Parkside and Ochre House talent management — we are now solely focused around provision of recruitment-related services including talent management and talent outsourcing but particularly around a commercial customer base as opposed to a public sector base.”
Commenting on the deal Tim Evans, managing director at Boxington Corporate Finance, told Recruiter: “It is another positive signal for the return of the M&A market. It is a reminder of the importance of finding both an overseas and potenially non-recruitment buyer to get the best price.”
A leading global player in delivering and managing Education Solutions, today announced its acquisition of ITN Mark Education Ltd., an UK based Education Solutions company which is a national provider of supply teachers and teaching assistants. CORE acquired ITN Mark for about US$ 25 million, through its subsidiary Core Education and Consulting Solutions (UK) Ltd.
ITN Mark has a topline of USD 33-35 million and current EBIT margins are around 12 percent. On this development the Chairman & Global CEO of CORE Group, Mr. Sanjeev Mansotra said “It is a moment of pride for us. ITN Mark contributes towards the ultimate goal of making teaching globally competitive in each and every sector. ITN is already focused on imparting industry relevant training to the teachers. We are sure with this acquisition CORE will scale new peaks in its mission to take education to its next dimension.”
ITN Mark was acquired from Ochre House Limited, the recruitment outsourcing and talent management business backed by NBGI Private Equity. ITN Mark is one of the leading providers of supply teachers and teaching assistants in England & Wales to primary and secondary schools. It also provides educational consulting services to academies and local authorities. It is 8th largest in size with a 5% market share of a total market of 430 million pounds (supply teachers and teaching assistant business). ITN Mark also has a specialized Educational Consultancy Services division that works with larger client groups such as education authorities, school clusters, academies, private sector education providers and a range of other educational institutes/bodies.
Mr. Sanjeev Mansotra added further “This acquisition will allow Core Education to enter the supply teachers and teaching assistants business in the markets such as the US where CORE already has a significant presence and relationships with some of the largest schools systems. Significantly, ITN Mark comes with a customer base of 1,600 schools, enabling our existing UK and USA business units to cross sell their products into these schools. This synergy will positively impact the overall profitability of the combined businesses.”
Mr. Prakash Gupta, Director of Core Education and Consulting Solutions (UK) Ltd., said: “The inclusion of these businesses into the CORE family will establish CORE as a national player in the education sector in the UK with 14 offices, a strong management team and a large national sales team allowing CORE to cross sell its education products and services to existing clients (1600 schools) of this newly acquired company with 5% market share in England and Wales”.
CORE Education & Technologies LTD scales new peaks!
-Sanjeev Mansotra leads all the way.
CORE Education & Technologies Limited (CORE) is an Indian multinational in the education space with operations in the US, the UK, the Caribbean, Africa and India. Core Education is an integrated products, solutions and service provider in education. Core’s offerings cover compliance, assessment, ICT, content, teacher training, vocational training, examination management system, language skills and has globally impacted more than 76,000 schools, 28 million students and trained over 100,000 teachers. 20 state Governments in USA including California, Maine, Michigan, North Carolina, Texas and over 40 Local Educational Authorities in UK and 9 State Governments in India work with CORE Education and Technologies for education projects and consultancy services.
Sanjeev Mansotra promoted Core Education & Technologies in 2003 at the young age of 31 and has achieved tremendous success overcoming severe competition in education sector. Mr. Sanjeev Mansotra, over the years, has demonstrated enormous vision and managerial capabilities to successfully establish stable and profit making entities in the areas of Education, Wellness and Power. Powered by his vision and drive, CORE emerged as one of India’s largest global education companies, offering best of breed end-to-end solutions in more than three continents across the world.
Recently Core Education and Technologies bagged the largest ICT project in India from the Govt. of Haryana. This prestigious contract from the Haryana Government aims at benefiting five million students in 2622 schools of which 5 schools will be developed as “Smart” schools. The ICT project values at about Rs 295 crores and is a part of the Government program aimed at strengthening school education across the country.
“This is an important milestone for not only CORE, but also the Indian education sector as it restates the intent of the Governments to step up the momentum of reforms in the sector. There is a concerted effort to seamlessly blend technology with classroom learning to benefit larger sections of the society.” said Mr. Sanjeev Mansotra, Chairman and Global CEO of Core Education and Technologies Limited. “This breakthrough is also an acknowledgement of CORE’s excellent global implementation ability and track record in executing large-scale projects. We are extremely happy to be associated with the Haryana Government,” Mr. Sanjeev Mansotra said.
Recently, Core Education also signed a MoU with the Gujarat Government for developing 10 ITIs and 4 Skill development centers and Gujarat Knowledge Society to impart job-oriented skill up gradation courses to youth of Gujarat undergoing various courses in various colleges. Core Education also successfully completed one of the projects wherein the Delhi Police had decided to implement a training program to develop its personnel at par with latest IT skills. The Delhi Police were imparted with basic IT skills as part of CCTNS (Crime & Criminal Tracking Network & System) project implementation to curb the crime in the city.
CORE had also recently announced its plan to enter the highly lucrative School Management business in India which is estimated to be growing at a CAGR of 20 percent. With the expertise that our team carries in terms of domain knowledge developed through working with around 76,000 schools across the globe, it was but a logical step for us to leverage all this knowledge and experience to offer quality K-12 education in India through our own chain of schools. CORE intends to launch schools across different categories with each having a distinct flavor and catering to definite needs felt in the Indian education system.
Mr. Sanjeev Mansotra said, “There is a huge demand for high-end IB schools in Tier-1 cities across India and to meet this need, we plan to set up 10 schools in up-market cities, equipped with latest technologies, assessment, student growth and teaching processes brought in by leveraging our experience in advanced markets. We also hope to have an international collaboration for this segment to set us distinctively apart from other schools in this genre.”
Sanjeev Mansotra also added, “Our country has a lot of sporting talent, be it tennis or soccer or cricket. We felt the need of the hour is to nurture this talent and provide them with a favorable environment so that they can excel both in academics and in their chosen sport. In a first-of-its-kind concept in India, CORE’s K-12 integrated sports academy will cater to the growing need to provide world-class sporting facilities including access to expert coaches, sports psychologists, mental conditioning coaches, sports nutritionists etc. in schools whilst also ensuring a sound education system to the students.”
Sanjeev Mansotra formed Core Projects & Technologies in 2003 at the young age of 31 and achieved tremendous success despite severe competition in education sector. Sanjeev Mansotra, over the years, has demonstrated enormous vision and managerial capabilities to successfully establish stable and profit making entities in the areas of Education, Wellness and Power.
Powered by his vision and drive, CORE has emerged as one of India’s largest global education companies, offering best of breed end-to-end solutions in more than three continents across the world.
Sanjeev Mansotra’s ability to forge strategic alliances with key partners across the globe has led to the bringing in of prominent global education players like the University of Oxford & Centre of Higher Learning, NASA into India. His unique understanding and skill in working with Government bodies has seen CORE form long term associations with the Governments of the USA, UK, apart from India.
Under Sanjeev Mansotra’s leadership, CORE has won several accolades which include featuring in Forbes Asia’s “Best Companies under a Billion”. The company ranked second in the Deloitte’s “Technology Fast 50 – India 2007 Awards” and received the ‘Special Jury Award’ for outstanding work done at the school and rural level under the Sarva Shiksha Abhiyan program (e-India 2007). CORE was also ranked 20th in the 2007 Deloitte Technology Fast 500 in Asia Pacific.
Sanjeev Mansotra has been ranked as India’s Most Valuable CEO by Business World (India’s Most Valuable CEOs’ Survey 2010 – category – Information Technology). Sanjeev Mansotra is also known for his motivational, interactive and empowering style of management. The company continues to retain its original management team and enjoys one of the lowest attrition rate in the industry – a testimony to Sanjeev Mansotra’s endeavor to shape CORE into a dynamic, living & breathing organization.
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