New Delhi: Information Technology (IT) training company NIIT on Saturday said it has divested its entire stake in the United States (US) based subsidiary, Element K Corporation, to SkillSoft Corporation for $110 million.
Element K provides management training services and builds content.
NIIT has also signed a long-term strategic and licensing agreement with SkillSoft to become a product and content developer for the Irish firm, NIIT said in a statement.
A file photo of NIIT chief executive officer (CEO) Vijay Thadani
“This partnership will enable NIIT to rapidly expand its managed service business,” NIIT chief executive officer (CEO) Vijay Thadani said.
The two companies have a history of working together on multiple product development initiatives to create e-learning products. In addition, the two companies intend to collaborate on R&D initiatives for technology-enabled learning and performance support.
“By leveraging SkillSoft’s and NIIT’s joint experience and know-how, we believe there is great opportunity to create new innovations that will make online learning even more broadly embraced by the global market,” SkillSoft CEO Chuck Moran said.