Website www.edserv.in Founded 2001 | Headquarters India Type Public limited company | |
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Traded as BSE: 533055
NSE: EDSERV Industry Computers-Software-Education-
Training Key people Mr. S. Giridharan (ex director) Subsidiaries Prosel Ventures Pvt. Ltd. | ||
EdServ Softsystems Limited is one of the online education companies in India. Founded in 2001 by Mr. S. Giridharan, EdServ is an education company which makes use of technology to meet the education and employment needs of the people.
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EdServ went for IPO on Feb 05, 2009. Currently, it is delisted from major stock exchange markets in India namely Bombay Stock Exchange (BSE: 533055) and National Stock Exchange of India (NSE: EDSERV).
Company’s headquarters office is located in West Mambalam, Chennai, India. As of March 2011, it had 10 offices and 35 centres across India. It employed 1000s of people, excluding the distributors and dealers network of the company. Currently, the company is wound up by a Madras Highcourt order and the assets and liabilities are taken over by the official liquidator.
History
Formerly known as Lambent Softsystems Private Limited (Company was re-christened to M/s EdServ Softsystems Limited on as late as April 22, 2008), EdServ was incorporated by Mr. S. Giridharan in 2001 with a view to provide training solutions, customized software solutions, staffing solutions and placement consulting to both Corporate as well as Institutional clients (IT, Healthcare, Banking, Financial Services, Manufacturing, Retail sectors etc.). At that time, it was mainly focused on IT learning and placement solutions.
For the financial year 2007-08, EdServ registered revenue of Rs. 3.95 crore with adjusted net profit of Rs. 2.92 crore. Next year, for the six-month period ending September 2008, firm recorded revenue of Rs. 4.34 crore with an adjusted net profit of Rs. 1.82 crore.
The company got wound up by a Madras Highcourt order in the year 2013 because the company was unable to repay the loans of a creditor by name M/s. India Factoring. Currently the official liquidator of the Madras Highcourt has sealed the premises and has become the principal contact point for the company.
IPO
EdServ went for IPO on Feb 05, 2009. CARE, a credit rating agency in India, assigned an IPO Grade 1 to EdServ IPO, which meant that company had ‘poor fundamentals’. Accordingly, IPO got lukewarm response on the first two days from the investors. But till the end of IPO on Feb 09, 2009, IPO got oversubscribed by 1.3 times in spite of poor ratings from CARE.
Acquisitions
EdServ, in its initial years, was mainly focused on IT training and placement solutions. After IPO, it began concentrating on online education sector. Intent on moving into an Education and Training space, it made series of acquisitions in the following years; namely 2tion.com (Sep 30, 2009), SchoolMate (Feb 23, 2010), SmartLearn WebTV (March 2, 2010), Sparkling Mind (March 30, 2010) & StudentGateway (December 26, 2012).
Business model
EdServ’s business model is based on the following four pillars
- Humanware Education And Deployment System (HEADS): HEADS is a patented learning model which connects learning with placements.
- Trademarked content: All content is copyrighted. Part of the content is indigenous and the rest is third party copyright content.
- e-learning and patented education models: EdServ has many patented education models like HEADS, Vidhyadhana, etc.
- New product development and acquisitions: Since its inception, EdServ has acquired different online education companies.
Products
EdServ provides education across all fields, from K-12 to careers through Industry Demand Aligned education with career orientation. Lampsglow, 2tion, Vidhyadhana, SmartLearn WebTV, SchoolMATE, AreaPartner are some of the products under EdServ umbrella.
Competitors
There are many online education organizations in India. Of those, Educomp Solutions, Aptech, Examsguru, Everonn Education and NIIT are EdServ's main competitors.