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NIIT’s US unit to sell training biz to Irish co for $100 mn

NIIT’s US unit to sell training biz to Irish co for $100 mn
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First Published: Sat, Oct 15 2011. 07 57 PM IST

A file photo of NIIT chief executive officer (CEO) Vijay Thadani
A file photo of NIIT chief executive officer (CEO) Vijay Thadani
Updated: Sat, Oct 15 2011. 07 57 PM IST
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.
A file photo of NIIT chief executive officer (CEO) Vijay Thadani
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.
“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.
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First Published: Sat, Oct 15 2011. 07 57 PM IST