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COFORGE LIMITED — M&A Activity 2019
Apr 6, 2019
61761_rns_2019-04-06_4454eb54-1046-4005-8f15-dd92f0517c4f.pdf
M&A Activity
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Esri Inc. acquires controlling stake from NIIT Technologies Limited in Esri India
New Delhi, 06th April 2019 : NIIT Technologies Limited, a leading global IT solutions organization, today announced that it has signed a definitive agreement for the sale of its entire 88.99% stake in ESRI India Technologies Ltd (Formerly NIIT GIS Ltd.). ESRI India Technologies Ltd has been an exclusive distributor of ESRI Inc. cutting edge GIS products in India and has been supporting customers since 1996. The distribution agreement was expiring on 31st March 2019 and Esri Inc expressed its desire to directly manage the distribution of its products in India.
“For many years Esri has partnered with NIIT Tech to advance the use of GIS software and capability for customers in India. Along with the recent establishment of our New Delhi R&D Center, this agreement confirms the importance of India as a market and our commitment to deliver value to customers in the country.”, said Jack Dangermond, President Esri Inc.
Commenting on the transaction Arvind Thakur Vice Chairman & Managing Director, NIIT Technologies Ltd said, “The partnership of NIIT Tech with Esri Inc has helped develop the GIS market from scratch in India. Divestment of stake in ESRI India allows NIIT Tech to focus on its core verticals and global markets. Esri India customers will continue to have undivided attention and support from the same team and with direct support from Esri Inc.”,
The transaction is expected to close within this month.
About NIIT Technologies
NIIT Technologies is a leading global IT solutions organization, enabling its clients to transform at the intersect of unparalleled domain expertise and emerging technologies to achieve real-world business impact. The Company focuses on three key verticals: Banking and financial services, Insurance, Travel and Transportation. This domain strength is combined with leading-edge capabilities in Data & Analytics, Automation, Cloud, and Digital.
With over 10,000 employees serving clients across Americas, Europe, Asia, and Australia, NIIT Technologies fosters a culture that promotes innovation and constantly seeks to find new yet simple ways to add value for its clients.
Learn more about NIIT Technologies at www.niit-tech.com.
About Esri, Inc
Esri, the global market leader in geographic information system (GIS) software, location intelligence, and mapping, offers Esri Geospatial Cloud, the most powerful geospatial cloud available. Since 1969, Esri has helped customers unlock the full potential of data to improve operational and business results. Today, Esri software is deployed in more than 350,000 organizations including the world’s largest cities, most national governments, 75 percent of Fortune 500 companies, and more than 7,000 colleges and universities. With its pioneering commitment to geospatial information technology, Esri engineers the most advanced solutions for digital transformation, the Internet of Things (IoT), and advanced analytics. Visit us at esri.com.
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Safe Harbor
Certain statements in this release are forward-looking statements. The business involves various risks, and uncertainties that could result in the actual results to differ materially from those indicated here. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
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For media queries please contact: Akanksha Gupta Corporate Communications NIIT Technologies Ltd. +91 120 7119033 [email protected]
Suman Nath Edelman India +91 9958065680 [email protected]
Contact for investor/analyst queries: Abhinandan Singh Head – Investor Relations and M&A NIIT Technologies Ltd. +91 22 40103212 [email protected]