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Education Major Aptech acquires MAAC

28th January, 2010

Mumbai: Aptech Ltd. today announced its acquisition of Maya Academy of Advanced Cinematics (MAAC). The acquisition is through the takeover of 100% equity shares of Maya Entertainment Ltd. (MEL), the parent company of MAAC. The key shareholders of both companies signed an agreement to this effect today. MAAC, one of the largest players in the Animation & Multimedia education industry, is a premium brand with over 70 centres spread throughout India. These include company-owned, semi-owned and franchise centres.

Arena Animation, the leader in the field of Animation and Multimedia education in Asia, is an Aptech brand.

Aptech, already a global education major, has further consolidated its domination through this move. With a network of over 1000 centres spread over 35 countries, Aptech already owns well-recognized education brands, namely, Aptech Computer Education, Arena Animation, N-Power, Avalon Academy, English Express and Aptech Worldwide.

The deal is valued at Rs. 76 cr. and is structured to include a cash payout as well as issue of equity shares of Aptech Ltd. to the shareholders of MEL. Issue of shares is subject to approval of the shareholders of Aptech Ltd. and other approvals as may be required.

Speaking on this occasion, Mr. Ninad Karpe, the CEO & MD of Aptech said, “With this acquisition, Aptech has moved further in its strategy of becoming a global education powerhouse. MAAC, with its team of committed employees and franchisees, is a strong brand in the animation education space. We intend to further strengthen the brand and its centres. It is also a clear reflection of our strong belief in the bright future of the animation industry in India and abroad.”

Mr. Niraj Bhukhanwala, Director, MEL said: “The management of MAAC felt that through this integration, MAAC & Aptech will be able to harness all the benefits of a large company in a growing market and keep competition at bay. Through this, both the brands will be able to capitalize on each other’s strengths - particularly in the area of branding and product development. We are confident that this deal will enable both the brands to reach greater heights.”

Aptech also declared its standalone quarterly results for the period ending December 31, 2009. Profit after tax for the period was Rs. 3.61 crores, as compared to a loss of Rs. 0.9 crores in the same quarter of the previous year.

About Aptech Limited:

Aptech is an ISO 9001:2000 organization and was the first IT training and education organization in Asia to receive the ISO 9001 quality certification for Education Support Services in 1993. Aptech Limited, which features amongst TrainingOutsourcing.com’s Top 20 Global Training Outsourcing Service Provider (OSP) Companies, has trained over 5 million students – globally, who are presently pursuing high flying careers in the field of Information Technology.

Website : www.aptech-worldwide.com

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