NIIT, a global talent development corporation, has sold its Element K business to SkillSoft Corp. and SkillSoft Ireland Ltd. (indirect subsidiaries of SSI Investments II Ltd., which is the parent company of SkillSoft Ltd.), for $110 million in cash, subject to closing adjustments.
NIIT also has entered into strategic long-term services and licensing agreements with SkillSoft. The two companies have a history of working together on multiple product development initiatives to create e-learning products that have been successful in the global business learning market. As a first effort in this renewed relationship, NIIT will become a SkillSoft product development partner in helping produce new content for SkillSoft’s e-learning content collections for business, IT and desktop skills.
In addition, the two companies intend to collaborate on R&D initiatives to explore and create new paradigms for technology-enabled learning and performance support.