The transaction was expected to be completed in September 2017.
HCL Infosystems Ltd. has cancelled the transfer deal with Chennai-based Everest Edusys and Solutions Pvt. Ltd. deal to sell Digischool business to them.
HCL Infosystems in a stock-exchange disclosure said the deal is terminated on account of material breach of the terms of the business transfer agreement by Everest Edusys and Solutions.
In April last year, HCL Infosystems said its wholly owned unit HCL Learning Ltd will sell its Digischool business to Everest Edusys and Solutions in a transaction that will give it a 33% stake in the education company.The transaction was expected to be completed in September 2017.
HCL Infosystems’ Digischool business sells software licences for educational content to K-12 schools.
Everest Edusys’ flagship brand QED (Quest Explore Discover) provides science education through interactive methods. It sets up interactive exhibit centres, called QED Labs, at schools to provide experiment-based hands-on science learning for students.