L&T Technology Services Ltd Acquires California-based Firm Intelliswift for $110 Million, Shares Soar 4%

Mumbai, November 12 - Shares of L&T Technology Services Ltd (LTTS) surged by 4 percent on Tuesday after the company announced its acquisition of California-based software and artificial intelligence firm Intelliswift for a whopping $110 million.

According to the company's announcement, LTTS' 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 acquisition of Intelliswift is part of LTTS' strategic expansion plans, enabling it to reach new markets and industries. With this deal, LTTS will acquire two businesses involved in platform engineering, AI, and software product development, serving numerous Fortune 500 firms globally.

"LTTS has signed definitive agreements 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," stated the company in a statement.

Intelliswift's US-based firm was founded in 2001 with offices across India, Hungary, Canada, Singapore, and Costa Rica. The Indian arm was established in Gujarat in 2002. Both firms cater to several top-tier customers, including five of the top ten ER&D spenders on software and technology.

The acquisition is seen as a significant expansion move by LTTS, allowing it to tap into new markets, both globally and domestically. With Intelliswift's solution portfolio, global businesses can benefit from platform engineering, AI, and software product development services offered by the combined entity.