NIIT Ltd has sold its entire stake in US-based subsidiary, Element K Corporation, to SkillSoft Corporation for $110 million in an all-cash deal. Element K is into learning products and solutions and its portfolio includes e-learning content, virtual labs, and classroom materials.

NIIT had acquired the 700-employee strong Element K for $35 million in 2006. The company has also entered into a long-term services and licensing agreements with SkillSoft to work together for producing new content for SkillSoft's e-learning content collections for Business, IT and Desktop skills.

"Over the last few years, we have witnessed tremendous growth in our Managed Training Services (MTS) business. To grow, we have to be content and platform agnostic and this deal will help us attract a larger set of customers," NIIT CEO Vijay Thadani told PTI. The funds from the deal would be used to strengthen NIIT's four platforms - MTS, cloud campus, private school venture (NGuru) and University programme (YuvaJyoti), he added.