Excelsoft Technologies is a global vertical SaaS company focused on learning and assessment solutions for education, testing and corporate learning. It earns revenue from software licenses, implementation services, cloud-hosted SaaS subscriptions and professional services. Key offerings include remote proctoring, assessment platforms and learning management systems used by exam boards, universities, training companies and corporates to deliver, proctor and manage assessments and e-learning content.

Key clients and manufacturing / delivery facilities
Clients include marquee education & assessment customers such as Pearson Education, AQA Education, Pearson Professional Assessments, Ascend Learning, Brigham Young University-Idaho, Training Qualifications UK and others across USA, UK, India, Singapore, Australia, Japan, Malaysia, Saudi Arabia, UAE and Canada. Excelsoft delivers from software development and implementation centres (main delivery presence in Mysore, India and subsidiaries in USA, UK, Singapore) and has cloud/IT infrastructure to host and deliver SaaS globally.

Product portfolio, positioning, order-book & execution
Products include SARAS, EasyProctor, LearnActiv (K-12), OpenPage, EnablED, CollegeSparc — covering the full learning & assessment lifecycle. These are positioned as scalable, compliant SaaS (reduces client product life-cycle costs and migration effort). Excelsoft shows steady client revenues (top 5 customers contributed ₹1,542.48m in FY2025) and a repeatable implementation pipeline; order execution depends on project schedules and managed roll-outs across geographies.

Mergers / capex & expansion execution
Company completed acquisition of Enhanzed Education (July 2024) to expand product reach. Planned capex from Offer proceeds includes purchase of Mysore land (₹380.00m), upgradation of existing Mysore facility (₹395.11m) and IT infrastructure upgrade (₹546.35m) — subtotal ₹1,661.12m earmarked for these objects, to be funded from Net Proceeds and internal accruals. Execution is management-led and monitored by a Monitoring Agency as required.

Employees, exports, geography, bankers
Employees: 1,118 (as at latest FY/period). Global exports/clients across North America, Europe, APAC, Middle East; subsidiaries in USA, UK, Singapore. Bankers and formal financing arrangements are disclosed in the RHP (net debt modest vs equity).

Management, vision & funding plan (concise)

Management positions Excelsoft as a vertical-SaaS leader in learning & assessment with a growth strategy built on: product innovation (including AI), geographic expansion, augmenting sales & marketing, and opportunistic acquisitions to add adjacent capabilities. For planned capex (land, facility, IT) management intends to use Net Proceeds from the Offer and internal accruals; the RHP states ~75% of the means of finance will be covered from Net Proceeds/internal accruals (no firm outside financing arranged for that portion). A Monitoring Agency will report quarterly on utilization.

Industry (size, growth, market leader, outlook

• RHP cites an Arizton industry study for the Global Assessment & Proctoring Market which shows the market growing from 10.83 (2024) to 21.26 (2030) (units as in the Arizton exhibit reported in the RHP) with a CAGR ~11.9% for the period shown. APAC and North America are big growth / share regions (North America ~40% share; APAC rising share).
• RHP positions market drivers as post-COVID digital adoption, corporate upskilling, online certification growth and AI adoption in proctoring/forensics. Major global demand is in North America and Europe (largest markets), with APAC expanding its share through 2030.

Risk factors

1. Customer concentration risk — Top customers account for a large share (Top-5 contributed ₹1,542.48m in FY2025; top-10 ₹1,786.44m), so loss/downsizing by a key client could materially reduce revenues.
2. Technology and product obsolescence — Rapid tech change in SaaS/AI means products must be regularly updated; failure to innovate (AI, security, scalability) may reduce competitiveness and client renewals.
3. Execution & capex risks — Significant planned spend (Mysore land ₹380m; facility & IT ~₹941.46m) may face delays, cost overruns, or need for shareholder approvals if plans change, affecting timelines and cash flow.
4. Regulatory / data privacy compliance — Serving testing/education customers worldwide requires strict data protection (GDPR, local regulations). Non-compliance or breaches could harm reputation and lead to penalties.
5. Employee cost & retention pressure — Growth needs skilled engineers and domain experts; rising employee costs (share-based payments, headcount increase) have historically pressured margins and may continue to do so.
6. Competitive pressure & pricing — Market has global & local competitors; pricing pressure or consolidation among large clients may reduce contract sizes or margins.

Key strengths, moat & opportunities

1. Full-lifecycle product suite (moat) — Products cover assessment, proctoring, LMS and content workflows, lowering switching costs and making Excelsoft a single-vendor choice for many clients. This integrated suite is a practical moat in vertical SaaS.
2. High gross & EBITDA margins — FY2025 gross profit margin ~61.67% and EBITDA margin 31.40%, indicating scalable SaaS economics and profitable project delivery compared to peers.
3. Long-term client relationships — Average vintage of top 10 clients ~10.5 years and repeat business from marquee global clients provide revenue stability and cross-sell opportunities.
4. Global delivery and compliance credentials — ISO/IEC 27001:2022, ISO 9001:2015 and Cyber Essentials Plus coverage plus subsidiaries in USA/UK/Singapore help win global contracts requiring compliance.
5. AI & product roadmap — Explicit R&D and AI focus (AI in proctoring, predictive analytics) can drive differentiated features (fraud detection, adaptive assessments) and open higher-value product tiers.
6. Healthy balance sheet metrics vs peers — As of FY2025 Excelsoft shows relatively low net-debt to equity (Net debt ₹181.79m; net debt/equity ~0.05 in one comparison) giving flexibility for growth investment.