US-based edtech company PowerSchool has said it acquired Chennai-based enterprise resource planning (ERP) software firm Neverskip and is eyeing to reach 2,000 schools and 2.5 million students in the next 2-3 years.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The company, however, did not disclose the deal size of this acquisition.

"With this acquisition, we will be present in 900 schools reaching 1.2 million students in India... The country has a dynamic and ever-evolving education ecosystem comprising one of the largest student populations globally.

"Going forward in the next 2-3 years, we are aiming to expand our reach to 2,000 schools and 2.5 million students," PowerSchool India managing director and country head Apoorav Nischal told PTI.

From the target of 2.5 million students, the company will go for 50 million students from English medium schools, irrespective of Boards. The initial focus will be schools in tier I and II cities and then on expanding deeper into the country, he added.

The addition of Neverskip to PowerSchool's portfolio of education technology products will provide comprehensive school operations, parent engagement, and personalised education tools for schools.

PowerSchool caters to over 50 million students in over 90 countries and reported a revenue of USD 630 million in 2022, he said, adding that the company is targeting around USD 690 million topline in 2023.

"We expect India to contribute 2-5 per cent to our overall revenue and around USD 6-7 million in the next 2-3 years," he said, adding that the company will focus on the Middle East and Africa.

Additionally, he said the integration of technology in learning has witnessed accelerated growth during and after the recent pandemic.

"In fact, industry research indicates the increase in school digitisation which is expected to exceed USD 500 million in the next five years, but also recognises the scalability of the Indian ERP market to reach USD 1.04 billion by 2028.

"PowerSchool will continue to provide cloud-based technologies to enable schools in their digitisation journey aligned with India's New Education Policy (2020)," he added.

Currently, the company has 1,300 employees working in its Chennai facility providing support to its global operation.

"We are developing a 1,200-seat facility in Bengaluru and are aiming to reach over 3,000 employees in the next 2-3 years in both the Chennai and Bengaluru facilities," he added.

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.