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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.
NIIT Limited, a leading Global Talent Development Corporation and Asia’s premier IT trainer, offers learning and knowledge solutions across 40 countries. Leading IT journal Dataquest has conferred upon NIIT the ‘Top IT Training Company’ award successively for the past 19 years, since the inception of this category.
NIIT’s Individual Learning Business offerings include industry-endorsed programs for students seeking careers in IT – GNIIT and Edgeineers and Global Net Plus for IT professionals.
NIIT’s Corporate Learning Solutions offers Managed Training Services including integrated learning solutions (strategic consulting, learning design, content development, delivery, technology, assessment and learning management) to Fortune 500 companies, Universities, Technology companies, Training corporations and Publishing houses.
NIIT Imperia - Centre for Advanced Learning, offers Executive Learning Programs in association with leading Business schools in India, KPMG, Google India and Internet and Mobile Association of India (IAMAI), using the synchronous learning platform.
NIIT Institute of Finance Banking & Insurance (IFBI), formed by NIIT with equity participation from ICICI Bank, offers programs for individuals and corporates in Banking, Financial Services and Insurance.
NIIT Institute of Process Excellence Limited, a NIIT-GENPACT venture, addresses the increasing demand for skilled workers in the business and technology services industry by providing training programs in relevant areas.
NIIT has provided computer-based learning to over 15,000 government and private schools. The futuristic NIIT NGuru range of learning solutions for schools comprises Interactive Classrooms, Math Lab, IT Wizard programs and Quick School (Education Resource Planning software).
NIIT ranked in the ‘Top 25 Best Employers in India- 2011’ by Aon Hewitt and amongst ‘Top 25 India’s Best Companies to Work for’ by Great Places to Work Institute.
For media queries, please contact:
Associate Vice President & Head Corporate Communications, NIIT Ltd,
Ph: (Cell) +91 9910201085, (Dir) +91 124 4293041
Corporate Communications, NIIT Ltd,
Ph: +91 9891267470 ; Email:
Sumana Bhattacharya, Candour Communications
Ph: (Cell) + 9810597176 ; Email:
Investors may contact:
Kapil Saurabh, NIIT Ltd, Ph (Cell) +91 9899117793, (Dir) +91 124 4293324