New Delhi: NIIT Global, leader in IT learning, has entered into a definitive agreement to acquire US-based Element K, a leading provider of learning solutions.
"The transaction is expected to close within two weeks," NIIT said in a statement Thursday. The Indian company did not disclose the value of the transaction.
"Together, NIIT and Element K will emerge as the leading global provider of comprehensive learning solutions, with more than 3,000 employees, over $250 million in revenue and a presence in 32 countries," the statement said.
"This acquisition is consistent with our stated plans for accelerated growth in developed economies," said NIIT CEO Vijay Thadani.
"We believe NIIT will benefit from our extensive catalogue of e-learning and instructor-led courses, hosted learning platform (KnowledgeHubTM), and excellent reputation in the US corporate training market," said Stephen Hoffman, CEO of Element K.
NIIT Ltd meanwhile Thursday reported 33 percent year-on-year revenue growth during the April-June quarter with consolidated revenues of Rs.1.1 billion compared to Rs 1.06 billion in the corresponding period last financial year.
The company's global system wide revenues stood at Rs 1.64 billion as against Rs 1.57 billion in the corresponding period last year.
The strong growth in the individual learning business came on the back of 156 percent rise in GNIIT enrolments and 122 percent for the AAE (Advanced programme for Engineers) enrolments.
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