NIIT Tech to acquire WHISHWORKS; sell stake in Esri India Technologies

New Delhi: Mid-sized IT services company NIIT TechnologiesNSE -2.73 % said it will acquire Hyderabad-based WHISHWORKS IT Consulting, a move that will strengthen the former’s digital capabilities. NIIT Technologies also signed a definitive agreement for selling its entire 88.99 per cent stake in Esri India Technologies Ltd to Environmental Systems Research Institute, Inc (Esri, Inc).

The announcements come at a time when funds affiliated with Baring Private Equity Asia (BPEA) are buying about 30 per cent share in NIIT Technologies from NIIT Ltd and other promoter entities for about Rs 2,627 crore.

“WHISHWORKS IT Consulting is an IT services and consulting company specializing in MuleSoft and Big Data technologies, in which NIIT Technologies will acquire a 56.67 per cent stake initially, with the remaining equity to be acquired over the next two years through pay-outs linked to financial performance,” NIIT Technologies said in a late night statement on Saturday.