L&T Technology Services Bags Silicon Valley-Based Intelliswift for $110 Million
Mumbai, India - 01 February 2025 | Alayaran.com
L&T Technology Services Limited (LTTS), a leading software services company, announced today that it has signed a definitive agreement to acquire Intelliswift, Inc., a Silicon Valley-based company, in a deal worth $110 million.
With this acquisition, LTTS is expanding its footprint in the Hyperscalers and big tech spenders market, serving four of the top five Hyperscalers and catering to over 25 Fortune 500 companies. The transaction is expected to be completed by the start of Q4 FY2025, pending regulatory approvals.
Intelliswift's revenue for the year ended December 31, 2023, stood at $96 Million. LTTS has acquired 100% of the interests in Intelliswift, Inc. and its subsidiaries, with L&T Technologies paying a total of $110 million as transaction consideration.
The acquisition is expected to enhance LTTS' AI and software capabilities across Digital Engineering suite for global clients through three key areas:
- Industry-leading Software Product Development: Providing cutting-edge software development capabilities.
- Intelliswift's AI-led Automation Framework: Offering end-to-end automation solutions across platforms and processes.
- Digital Enterprise & Integration Services: Providing agile engineering and next-generation technologies.
This acquisition is expected to contribute approximately 9% towards LTTS' inorganic revenue contribution for FY2025, marking an important milestone in the company's growth strategy.
Stock Market Reaction
During intraday trades on Tuesday, L&T Technology Services Limited share price gained more than 5%, closing at ₹5367.00 on the BSE, a 1-2% increase from its previous close of ₹5107.35.
The news sent shockwaves through the financial markets, and investors are taking note of LTTS' strong growth prospects with the acquisition. Will this deal propel LTTS to new heights? Only time will tell.