ATLANTA, Oct. 14, 2011 /PRNewswire/ -- NIIT 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.
VectorSpan acted as advisors to NIIT on the transaction, and Arnall Golden Gregory LLP provided legal counsel to NIIT on the transaction.
About NIIT Enterprise Learning Solutions Business (ELS)
NIIT's Learning Solutions Business for Enterprises delivers innovative strategies that help clients accelerate business impact. NIIT Managed Training Services are a suite of best-in-class training processes that enable customers to reduce costs, sharpen their business focus, and drive quantifiable results. Our Managed Training Services deliver more relevant training to organizations, bring proven best practices into business processes, and redirect surplus training capital into core business functions. Known worldwide as a leader in learning outsourcing, with presence in more than 44 countries, NIIT's Learning Solutions Business for Enterprise offers products and services including learning administration, learning content, learning delivery, learning technology, advisory services, learning management systems, demand generation services, virtual labs, student retention services, and strategic assessments. Together with its organizations, Cognitive Arts and Element K, NIIT's global talent development programs help clients achieve real-world skills to better compete in today's market. Established in 1981, NIIT is known globally as the number one choice for strategic learning solutions. NIIT has earned more than 50 awards, including 14 Brandon Hall awards. For more information about NIIT's Learning Solutions Business for Enterprises, please visit niit.com or facebook.com/niitels. You may also contact Kimberley Kelly, Director of Marketing at Kimberley.Kelly@niit.com. Visit www.niit.com or www.facebook.com/NIITELS for more information.