L&T Technology Services Acquires California-Based Firm Intelliswift for $110 Million, Shares Surge 4%

Mumbai, November 12, 2023 - Shares of L&T Technology Services Ltd skyrocketed by 4% on Tuesday after the company announced its plans to acquire California-based software and artificial intelligence (AI) firm Intelliswift for a whopping $110 million.

According to a statement issued by LTTS, its wholly owned subsidiary, L&T Technology Services LLC, will acquire the entire equity share capital of Intelliswift Software Inc., based in the US, and Intelliswift Software (India). The acquisition is expected to be finalized by February 28, 2025.

The U.S.-based Intelliswift Software Inc. was founded in 2001 and has offices in India, Hungary, Canada, Singapore, and Costa Rica. Intelliswswift Software (India) was established in Gujarat in 2002. Both businesses are involved in platform engineering, AI, and software product development.

Intelliswift serves over 25 Fortune 500 firms, including five of the top ten ER&D spenders on software and technology and four of the top five hyperscalers. The acquisition is expected to enable LTTS to tap into adjacent retail and Fintech segments, giving it access to a wider customer base.

Global businesses can now benefit from Intelliswift's solutions in platform engineering, AI, and software product development. In the fiscal year that concluded on December 31, 2023, the company's total revenue was approximately $96 million.

As of 11:35 am, the shares of L&T Technology Services were trading at Rs 5,306.90, up 3.83% on NSE, indicating a strong market response to the acquisition news.