NIIT to focus on delivering large multi-year Managed Training Services to global corporations -- Sells its stake in Element K, Enters into Strategic Partnership with SkillSoft

New Delhi, India: October 14, 2011 - NIIT Ltd, a leading global talent development corporation and Asia’s largest IT Training company addressing global markets in the corporate, retail and schools segments announced today that it has divested its stake in its step down subsidiary, Element K Corporation, based in Rochester, NY, USA, by selling the Element K business to SkillSoft Corporation and SkillSoft Ireland Limited (the “Buyers”), indirect subsidiaries of SSI Investments II Limited (“SSI II”) which is the parent company of SkillSoft Limited (formerly SkillSoft PLC) (“SkillSoft”), for consideration of $110M in cash, subject to closing adjustments.
 
Over the last few years, NIIT has consolidated its expertise in Managed Training Services including Custom Content Development; enabling technologies including Learning Management System, Learning Portal and Training Operations Management System; Instructor Led & Web-Based Technology Assisted Training Delivery; Strategic Sourcing; and technology enabled Training Administration services in order to provide multi-year, multi-million dollar training solutions & services to global corporations.
NIIT also announced that it has entered into strategic long-term services and licensing agreements with SkillSoft. The two companies have a history of working together on multiple product development initiatives to create e-learning products that have been successful in the global business learning market. As a first effort in this renewed relationship, NIIT will become a SkillSoft product development partner in helping produce new content for SkillSoft’s e-learning content collections for Business, IT and Desktop skills.
“NIIT has made a strategic commitment to expanding its Managed Training Services business as a key platform for growth. This partnership will enable NIIT to rapidly expand its Managed Training Services business,” said Vijay Thadani, CEO of NIIT.
In addition, the two companies intend to collaborate on R&D initiatives to explore and create new paradigms for technology-enabled learning and performance support. “We’ve enjoyed a very productive relationship with NIIT over the years, and look forward to this renewed partnership,” said Chuck Moran, CEO of SkillSoft. “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.”
This partnership will also help NIIT become content-agnostic and increase the ability to provide its large clients a broader vendor neutral solution including custom-developed content created at NIIT’s own facilities.