The size of the deal is estimated to be around Rs 80 crore.
Macmillan Publishing Solutions, now Macmillan Publishing Solutions (MPS), is all set to buy out Tata’s e-learning solutions business –Tata Interactive Systems (TIS).
It is part of the strategy wherein the Tata Group wants to exit from small and non-core businesses, which are not profitable. The group now wants to streamline its diverse portfolio.
TIS, founded in 1991, was one of the pioneers of e-learning in the country. In 2006, it acquired Tertia Edusoft in Germany and Switzerland, expanding its business outside India.
It is learnt that Tata Industries, the investment arm of the Tata Group has approached Tata Consultancy Services (TCS) to buy TIS — which would have been in synergy with their line of business. However, TCS did not show any interest post which Tata Industries started looking for external buyers.
The size of the deal is estimated to be around Rs 80 crore. The sale is subject to approvals from the Falta Special Economic Zone—with regard to the transfer of TIS’ Kolkata unit— as well as from the German Federal Ministry of Economics and Energy in connection with TIS’ overseas arm.
In the last fiscal, TIS had reported a consolidated revenue of Rs 140 crore.
Recently, TIS’ CEO, Nirav Khambhati, left the unit to join Kaizen Private Equity as a partner.