Mid-sized IT solutions firm NIIT Technologies mentioned it will obtain Hyderabad-primarily based WHISHWORKS IT Consulting, a move that will strengthen the former’s digital capabilities.
NIIT Technologies also signed a definitive agreement for promoting its complete 88.99 per cent stake in Esri India Technologies Ltd to Environmental Systems Study Institute, Inc (Esri, Inc).
The announcements come at a time when funds affiliated with Baring Private Equity Asia (BPEA) are acquiring about 30 per cent share in NIIT Technologies from NIIT Ltd and other promoter entities for about Rs two,627 crore.
WHISHWORKS IT Consulting is an IT solutions and consulting firm specialising in MuleSoft and Major Information technologies, in which NIIT Technologies will obtain a 56.67 per cent stake initially, with the remaining equity to be acquired more than the subsequent two years by way of spend-outs linked to economic overall performance,” NIIT Technologies mentioned in a late evening statement on Saturday.
The valuation of 100 per cent of the share capital has been determined at Rs 287 crore, it added.
NIIT Technologies will make the acquisition in an all-money transaction, funded by way of internal accruals. WHISHWORKS has about 250 staff. Its income stood at Rs 99.1 crore in FY2018.
In a separate filing, NIIT Technologies mentioned it has signed a definitive agreement to sell its complete 88.99 per cent stake in Esri India Technologies Ltd to the current equity shareholder Environmental Systems Study Institute, Inc (Esri, Inc).
“Total consideration on closing for 88.99 per cent stake of the firm will be Rs 89.7 crore,” it added.
Esri India Technologies functions in the field of Geographic Info Method (GIS) utilizing the distributionship rights of Esri, Inc.