Aptech buys animation training company Maya Academy of Advanced Cinematics MAAC

Hyderabad: Software training major Aptech Ltd today announced its acquisition of Maya Academy of Advanced Cinematics (MAAC) for Rs.76 crore in a cash and equity mixed deal. The acquisition is through the takeover of 100 percent equity shares of Maya Entertainment Ltd (MEL), the parent company of MAAC. The key shareholders of both companies signed an agreement to this effect. 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 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. 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 previous year.

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