NIIT sells Element K to SkillSoft for $110 million

NEW DELHI: IT training company NIIT on Sunday said it has sold its US-based subsidiary, Element K Corporation, to SkillSoft Corporation for $110 million in an all-cash deal. NIIT had acquired the 700-employee strong Element K for $35 million in 2006.

The company has also entered into a long-term services and licensing agreements with SkillSoft to work together for producing new content for SkillSoft's e-learning content collections for Business, IT and Desktop skills.

"Over the last few years, we have witnessed tremendous growth in our Managed Training Services (MTS) business. To grow, we have to be content and platform agnostic and this deal will help us attract a larger set of customers," NIIT CEO Vijay Thadani told PTI. The funds from the deal would be used to strengthen NIIT's four platforms - MTS, cloud campus, private school venture (NGuru) and University programme (YuvaJyoti), he added.