Skills and talent development firm NIIT Ltd said on Thursday it has acquired Eagle International Institute (EII) for $8.1 million.
The acquisition will help NIIT expand its training capability for global rollout of cloud-based enterprise applications in the pharmaceutical and life sciences industry, NIIT said in a statement.
“The total consideration payable for the acquisition (comprising equity, goodwill and assumption of debt obligation) is $8.1 million… The deal — in cash — includes upfront and deferred payments over five years,” NIIT said in a BSE filing.
Eagle was incorporated in 1988 and is engaged in the business of providing technology training and work process consulting. EII — which operates as Eagle Productivity Solutions — is headquartered in Rochester, US. Its consolidated turnover (provisional) for the financial year ended December 2017 stood at $10.7 million.
“Under the NIIT umbrella, Eagle will continue to exist as an individual practice … Eagle also intends to honour all contracts and commitments to all existing customers with no interruption in service,” NIIT said.
Bob Cannan, majority shareholder and CEO of Eagle, said he sees the deal as a major opportunity to support the explosive growth of cloud software.
“The Life Sciences domain and Software Application Adoption expertise have been of keen interest to NIIT … The coming together of Eagle’s expertise and penetration in the Life Sciences space creates great opportunity for NIIT in both the Life Sciences and the Software Application domains,” NIIT CEO Sapnesh Lalla said.
Source: Mint