NIIT Technologies Ltd. has bought UK-based Room Solutions Ltd. for about USD 25 million to increase its client base in the insurance sector.
Arvind Thakur, chief executive of the Indian mid-sized software services exporter, said Room Solutions would become a wholly-owned unit by the end of 2007.
NIIT Tech's stock reached a new high of 241.95 rupees after the announcement, up 7.36 percent from its close on Friday.
"We were missing the UK piece in the insurance segment," Thakur said. London-based Room provides technology solutions to the insurance market.
Room posted a turnover of USD 25 million in 2005, nearly equal to the value of NIIT's purchase price.
