The Delhi-based software solutions and training company, NIIT, today announced that it has it has acquired US-based CognitiveArts which would give it access to the US corporate knowledge solutions market.
The acquisition adds to NIIT Technologies, the software services division of NIIT, a consulting team of 40 professionals and an access to fortune 500 customers in the retail and financial services verticals, a company release said here.
The company also hopes that this acquisition would generate additional revenues to the tune of $20 million in the next three years. The clients of CognitiveArts include Wal-Mart Stores Inc., The Walgreen Company, Harvard Business School Publishing, McKinsey & Company, KeyCorp, Exxon Mobil, and the US Department of Veterans Affairs.
NIIT, however, did not reveal the cost of the deal saying there was non-disclosure agreement between them. "This acquisition is a key element of our strategy to address the attractive us corporate knowledge solutions market", Arvind Thakur, president, NIIT Technologies said.
Stating that NIIT Technologies is steadily building its global knowledge solution practice, he said CognitiveArts will enable NIIT Technologies to rapidly increase its pace of growth in the us knowledge solutions market.
''Corporate America is increasingly looking for complete solutions spanning consulting, design and development of Knowledge Solutions. CognitiveArts will enable NIIT Technologies to rapidly increase its pace of growth in the US Knowledge Solutions market and position us with unique strengths in the global market,'' he said.
The acquisition which is the sixth in a row, over the last 14 months adds to the list of companies acquired by NIIT, one in India, three in the US and one in Germany.
So far, Osprey Systems, eGurucool, AD Solution, Data Executive International, and customs development business of Click2learn have been acquired by NIIT.
CognitiveArts was formed in 1994 as a commercial spin-off of the Northwestern University and benefited from the $40 million investments in cognitive research by major corporate and government sponsors.
