A global IT solutions provider NIIT Technologies announced that the company has signed up a share purchase agreement with Softech GmbH.

Under the agreement, NIIT Technologies will buy 100 percent share capital of Softec GmbH.

Softec GmbH is German-based Company providing IT solutions in airlines revenue accounting. The company also holds a major market share of about 40 small to medium airlines within Europe, Africa and Asia.

The new Company formed by acquiring 100% stake in SoftecGmbH would be a wholly-owned subsidiary of NIIT Technologies, which will strengthen company’s domain leadership to reinforce its position in the Travel, Transportation and Logistics vertical.

The financial details of the deal were not disclosed up till now.

As per financial statement, NIIT Technologies has posted a net profit of Rs 110 crore for fiscal ending March 2007, and Rs 28 crore for quarter ending December 2007.

It is expecting that acquisition in Softec GmbH will help the company to plough huge profits in the coming time. On Wednesday (27 Feb 2008), the share of the company ended the day at Rs 135 on the National Stock Exchange (NSE).