NIIT sells entire stake in Element K to SkillSoft for Rs540 crore
17 Oct 2011
NIIT Technologies, the $271-million New Delhi-based software house, sold its entire stake in its US step down subsidiary e-learning company Element K Corporation to SkillSoft Ltd, for $110 million (Rs540 crore) in cash.
Founded in 1982 by two Rochester Institute of Technology professors and based in Rochester, New York, Element K, which was acquired by NIIT in 2006 for $40 million, develops, builds, and manages training programmes for corporate, government, university, and individual clients.
Its product portfolio comprises e-Learning, which includes 5,800 online courses in 10 languages, 1,300 print courseware titles, virtual labs, e-references, business book summaries and content partners. Courses are provided in a range of formats including self-study, instructor-led, or a little of both.
Element K posted revenues of $86.2 million in fiscal 2011.
New Hampshire-based SkillSoft, which was taken private by SSI Investments, a company formed by a consortium of equity firms in 2010 in a $1.1 billion deal, is a subsidiary of Ireland-based Skillsoft Ltd.
It provides Internet-based training courses and software for business and information technology (IT) professionals. It offers about 6,700 courses on business, compliance, safety, and technology topics. The firm's SkillPort software manages corporate e-learning programs, and its SkillSoft Dialogue portal helps clients create custom learning sessions.
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