NIIT Tech acquires UK insurance provider for $25 mn

New Delhi, May 8: In a bid to globally expand its client base in the insurance sector, IT major NIIT Technologies Ltd (NTL) today acquired the UK-based insurance solutions provider, Room solutions Ltd, for an all cash deal of 25 million dollars.

''Room solutions has now become a subsidiary of NIIT Technologies as we have acquired 51 per cent share in its equity. We will complete the remaining deal in the next 18 months for a little less than 25 million dollars,'' NIIT Chief Executive Officer Arvind Thakur told reporters here.

The deal will be funded both by debt and internal accruals.

Headquartered in London, Room solutions is a 25 million dollar fortune company, engaging 120 employees.

This is the first contract of NIIT Technologies after its demerger from NIIT's IT business.

Meanwhile, NIIT is also setting up a 20-acre campus at Greater Noida, which is also scheduled to be operational in the coming 18 months. The campus will have a housing capacity of 12,000 students but initially will accomodate 3,000 students.

UNI