L&T Technology Services Acquires California-Based Firm Intelliswift for $110 Million
Mumbai, November 12 -- The shares of L&T Technology Services Ltd surged 4% on Tuesday, 12 November, after the company announced the acquisition of California-based software and artificial intelligence (AI) firm Intelliswift for $110 million.
In a statement released on Monday, LTTS announced that its wholly-owned subsidiary, L&T Technology Services LLC, will acquire the entire equity share capital of Intelliswift Software Inc., based in the U.S., and Intelliswift Software (India). The acquisition is anticipated to be finalized by 28 February 2025.
According to LTTS, "L&T Technology Services LLC has signed definitive agreements on 11 November, 2024 with the relevant parties for acquisition of 100 per cent shares of: Intelliswift Software (India); and (ii) Intelliswift Software Inc. by L&T Technology Services LLC, for an aggregate consideration of up to $110 million."
The US-based firm, founded in 2001, has offices worldwide, including India, Hungary, Canada, Singapore, and Costa Rica, while its Indian subsidiary was set up in 2002. Both companies provide platform engineering, AI-driven solutions, and software development services.
Intelliswift currently serves more than 25 Fortune 500 firms, including top ER&D spenders on software technology as well as four of the top five hyperscalers.
LTTS expects a broader reach with this acquisition into adjacent retail and Fintech segments. The firm also touted Intelliswift’s global solutions in platform engineering, AI, and software product development, targeting large organizations worldwide.
Intelliswift boasted approximately $96 million as its revenue for the fiscal year ending on 31 December 2023.
At today's trading session at 11:35 am, LTTS shares were seen trading 4% higher from Monday’s levels as of Rs 5,306.90 per share on NSE.
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