L&T Tech Acquisition Boosts Digital Engineering Capabilities
Engineering services company L&T Technology Services Limited (LTTS) has announced its plan to acquire 100% ownership of Intelliswift Software (India) Private Limited and Intelliswift Software Inc., a US-based firm, for an aggregate amount of up to $110 million.
According to a stock exchange filing, the acquisition will enhance LTTS' capabilities in Artificial Intelligence (AI), software product development, platform engineering, and digital integration. The deal is set to be completed by February 28, 2025, subject to customary conditions.
Intelliswift services four out of the top five hyperscalers and caters to over 25 Fortune 500 companies, including five of the top ten ER&D spenders in Software and Technology. With this acquisition, LTTS will also be able to address adjacent markets such as retail and fintech, as well as private equity channels.
LTTS has signed definitive agreements through its wholly-owned subsidiary, L&T Technology Services LLC, for the acquisition. 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 is expected to drive LTTS' growth in rapidly evolving fields of digital transformation and AI technology, strengthening its global reach in agile and next-generation engineering solutions.
LTTS' CEO and Managing Director, Amit Chadha, 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."
The acquisition marks a significant move by LTTS to expand its digital engineering suite for global clients. Shares of L&T Technology Services Limited ended at ₹5,125.00, up by ₹26.40, or 0.52%, on the BSE.