The acquisition helps NIIT add significant presence in the professional services sector.
New Delhi:
Talent development company and managed training services provider NIIT on Saturday announced that it has acquired St. Charles Consulting Group (STC) for USD 23.4 million (approximately Rs 192 crore) for a ‘fixed consideration’.
Headquartered in St. Charles, Illinois, STC provides consulting, design and implementation solutions for strategic learning programs to professional service firms and Fortune 500 companies.
“NIIT … today announced that it has acquired a 100 percent membership interest in St. Charles Consulting Group LLC through its wholly owned subsidiary, NIIT (USA), Inc.,” the company said in a statement.
The acquisition was completed at a fixed consideration of USD 23.4 million, subject to certain adjustments. In addition, the surety agreements provide for the payment of annual performance based earnings over the next four years.
This acquisition helps NIIT to add a significant presence in the professional services and management consultancy sectors, while strengthening its rapidly growing teaching consultancy practice.
“This transaction is in line with NIIT’s goal of accelerating growth through investments that add new capabilities to bring greater value to its customers and strengthen presence in attractive customer segments,” the statement said. “
St. Charles’ experience is in high demand in strategic learning programs aimed at advancing overall strategy, addressing business priorities, and leading initiatives in large companies.
NIIT believes there is a significant growth opportunity for STC’s business going forward and expects the transaction to increase margin and EPS (earnings per share) from year one.
“Learning and Development (L&D) is at the center of change in a post-pandemic world that is undergoing rapid business and industry transformation. As organizations strive to create and retain talent and skills for a future-ready workforce L&D is leading the way on several key initiatives,” said Sapna Lalla, CEO and Executive Director, NIIT.
STC President Larry Durham said: “The time could not have been better to join forces with NIIT to bring a wide range of capabilities to our clients. Both firms bring complementary learning capabilities and offerings that allow us to do our best. will allow us to serve our customers and become even more competitive in the market.”
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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