1 week ago
Engineering services company L&T Technology Services Ltd (LTTS) on Monday (November 11) announced its plan to acquire 100% ownership of Intelliswift Software (India) Private Ltd and Intelliswift Software Inc., a US-based company, for an aggregate amount of up to $110 million.
"Intelliswift services 4 of the Top 5 Hyperscalers and caters to over 25 Fortune 500 companies including 5 of the top 10 ER&D spenders in Software and Technology. With this acquisition, LTTS will also be able to address adjacent markets of Retail and Fintech, along with the Private Equity channel," according to a stock exchange filing.
LTTS signed definitive agreements through its wholly-owned subsidiary, L&T Technology Services LLC. The acquisition is aimed at enhancing LTTS' capabilities in AI, software product development, platform engineering, and digital integration, with completion expected by February 28, 2025, subject to customary conditions.
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This acquisition aligns with LTTS' strategy to expand its digital engineering suite for global clients by integrating Intelliswift's expertise in software development, platform engineering, and AI-driven automation frameworks.
The target companies recorded a consolidated turnover of approximately $96 million in 2023, providing advanced digital services across the US, India, Hungary, Canada, Singapore, and Costa Rica. Upon completion, Intelliswift Software (India) will become a wholly owned subsidiary of LTTS, while Intelliswift Software Inc. will be a step-down subsidiary.
The transaction will be paid in cash, and the acquisition’s impact is expected to drive LTTS' growth in the rapidly evolving fields of digital transformation and AI technology, strengthening its global reach in agile and next-generation engineering solutions.
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Amit Chadha, CEO and Managing Director, L&T Technology Services, said, "Software and AI are becoming essential for our clients seeking to bring new products and differentiated solutions for the consumer.
The acquisition of Intelliswift strengthens our digital and software product engineering capabilities, expands strategic client partnerships with major technology spenders, boosts our presence in Silicon Valley, and advances us towards our $ 2 Billion medium-term goal."
Shares of L&T Technology Services Ltd ended at ₹5,125.00, up by ₹26.40, or 0.52% on the BSE.
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