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IT training company NIIT today said it has divested its entire stake in the US-based subsidiary, Element K Corporation, to SkillSoft Corporation for $110 million.
Element K provides management training services and builds content.
NIIT has also signed a long-term strategic and licensing agreement with SkillSoft to become a product and content developer for the Irish firm, NIIT said in a statement.
“This partnership will enable NIIT to rapidly expand its managed service business,” NIIT CEO Vijay Thadani said.
The two companies have a history of working together on multiple product development initiatives to create e-learning products.
In addition, the two companies intend to collaborate on R&D initiatives for technology-enabled learning and performance support.
“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,” SkillSoft CEO Chuck Moran said.
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