Leading global education management systems provider, Core Projects & Technologies announced that it has acquired a unit of US-based education firm The Princeton Review, for USD 20 million (nearly 97.5 crore).

In a statement, the company said that the acquisition will be completed through its wholly owned subsidiary CORE Education & Consulting Solutions Inc, USA (CECS). The statement also added that the acquisition will be funded out of debt.

It is learnt that the takeover of the K-12 division of The Princeton Review (TPR) will add about USD 24 million to the global revenues of Core Projects & Technologies.

The deal also includes the acquisition of products and solutions, along with management team of TPR.

Speaking on this, Prakash Gupta (CEO, Core Projects) said, “In a recession proof industry, the acquisition will be very positive for the Core Projects. It will provide famous brands & new clients mainly from New York, Florida & Texas. This will further strengthen its presence in the global market.”

The Princeton Review Inc (headquartered in New York) offers private tutoring, classroom and online test preparation for students.