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EdServe plans to enter capital market

CHENNAI: EdServ Softsystems Limited (formerly Lambent Softsystems), a eb learning, IT consulting and resource deployment company, is planning to enter the capital market with an initial public offering (IPO) of 40.8 lakh equity shares of Rs. 10 each for cash at a price to be decided through a book-building process.

Incorporated in 2001, the Chennai-based EdServ launched HEADS (Humanware Education And Deployment System), a fourth generation technology education model that uses web-based e-learning to seamlessly integrate manpower demand and supply in number and skills right from development to deployment.

The HEADS model has a mandatory job fitment for every student fresher who registers for a career programme. The company acquired ELMAQ EDUCATION, a leading IT training brand in Tamil Nadu, sometime ago to grow aggressively in the education and training space.

Kalpathi Investments (P) Ltd., a venture funding company, has invested Rs. 380 lakh in EdServ to pick up 47 per cent stake in the company, whose paid-up capital now stands at Rs. 792 lakh.

The remaining shares are held by the promoters and their associates. EdServ is promoted by S. Giridharan, who also promoted Radiant Software in the 1990s. He also had served as a director of SSI.EdServ closed 2007-08 with a PAT (profit after tax) of Rs. 253 lakh.

The company, according to Mr. Giridharan, has signed up with GoFrugal Technologies, the largest software maker in India for retail operations automation to exclusively develop and deliver web-based e-contents on retail operations, sales and accounting training using RAYMEDI, the retail software owned by GoFrugal.

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