IT trainer NIIT buys US firm for $40 M
By agencies | Friday, 28 July 2006, 07:00 Hrs
NEW DELHI: India's top computer trainer, NIIT Ltd, has purchased US-based Element K for $40 million to boost its growth in developed economies. NIIT and Element K together would have more than 3,000 employees, about $250 million in revenues and a presence in 32 countries to offer comprehensive learning solutions. Element K has $80 million learning solutions business and offers a suite of more than 3,500 courses. New Delhi-based NIIT has reported consolidated profit for the April-June quarter, at 154 million compared with 143 million in the same period a year ago. The firm posted net revenues of Rs 1.10 billion in the same period compared to Rs 1.06 billion a year ago. "Element K has an established base of highly satisfied clients in the US and Canada. They are moving successfully in the North American learning BPO marketplace," NIIT Chief Executive Vijay Thadani said, while addressing the issue.