NIIT sells Element K to SkillSoft for $110 mn

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.