NIIT Tech signs $85 mn pact with Morris Communications
NIIT Technologies, Indian IT company today signed a $85 million partnership agreement with Georgia-based media company Morris Communications to jointly offer IT and BPO services in North America.business Updated: Jul 13, 2011 16:14 IST
NIIT Technologies, Indian IT company on Wednesday signed a $85 million partnership agreement with Georgia-based media company Morris Communications to jointly offer IT and BPO services in North America.
NIIT Technologies will have a controlling interest in the joint venture and both companies will jointly invest $85 million in the new venture over a period of five years.
"This is a strategic transformational deal which enhances our onshore presence, to expand its footprint in the US market," NIIT Technologies President Lalit Dhingra said.
Under the terms of the agreement, Morris will transfer its key assets -- including IT infrastructure, people and applications landscape -- to the joint venture.
"This partnership will significantly reduce our cost of operations and services, while improving the level of services required to meet our objectives in the future," Steve K Stone, senior vice-president and chief financial officer of Newspapers and Shared Services at Morris Communications, said.
NIIT Technologies offers IT solutions to organisations across North America, Europe, Asia and Australia.
Morris' holdings include 13 daily newspapers, numerous non-daily and free community papers, 33 radio stations and two radio networks, two book publishing and distribution houses, numerous magazines and specialised publications, over 100 visitor (travel and tourism) publications, an online service and two event marketing companies.
First Published: Jul 13, 2011 16:07 IST