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NIIT Tech to buy WHISHWORKS; sell 89% stake in Esri India for Rs 90 crore

WHISHWORKS IT Consulting is an IT services and consulting company specialising in MuleSoft and Big Data technologies

Press Trust of India  |  New Delhi 

NIIT hired Bhartendra Gupta from Microsoft and Anthony Shepard from IBM to drive its cloud services business as part of the restructuring process.
NIIT Technologies will make the acquisition in an all-cash transaction, funded through internal accruals

Mid-sized IT services company Technologies said it will acquire Hyderabad-based WHISHWORKS IT Consulting, a move that will strengthen the former's digital capabilities.

Technologies also signed a definitive agreement for selling its entire 88.99 per cent stake in to Environmental Systems Research Institute, Inc (Esri, Inc).

The announcements come at a time when funds affiliated with (BPEA) are buying about 30 per cent share in Technologies from and other promoter entities for about Rs 2,627 crore.

"is an IT services and consulting company specializing in and Big Data technologies, in which will acquire a 56.67 per cent stake initially, with the remaining equity to be acquired over the next two years through pay-outs linked to financial performance," said in a late night statement on Saturday.

The valuation of 100 per cent of the share capital has been determined at Rs 2.87 billion (Rs 287 crore), it added.

will make the acquisition in an all-cash transaction, funded through internal accruals.

WHISHWORKS has about 250 employees. Its revenue stood at Rs 991 million in FY2018.

In a separate filing, NIIT Technologies said it has signed a definitive agreement for selling its entire 88.99 per cent stake in to the existing equity shareholder Environmental Systems Research Institute, Inc (Esri, Inc).

"Total consideration on closing for 88.99 per cent stake of the company will be Rs 89.7 crore," it added.

Esri India Technologies works in the field of (GIS) using the distributionship rights of Esri, Inc.

First Published: Sun, April 07 2019. 11:10 IST
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