L&T Technology Services Surges 4% After Announcing Acquisition of US-Based Software Firm Intelliswift for $110 Million

Mumbai, November 12 -- Shares of L&T Technology Services Ltd zoomed 4% on Tuesday after the company announced its acquistion of California-based software and artificial intelligence firm Intelliswoft for a whopping $110 million. The acquisition is set to be finalized by February 28, 2025.

LTTS has already signed definitive agreements with Intelliswift Software Inc. and its Indian arm, Intelliswift Software (India), for the sale of both businesses to L&T Technology Services LLC for a combined $110 million.

A release from LTTS on Monday confirmed that its wholly-owned subsidiary, L&T Technology Services LLC had entered into definitive agreements with the relevant parties for acquisition of 100% shares of Intelliswoft Software Inc. and Intelliswoft Software (India). The acquisition is likely to bolster LTTS's offerings in platform engineering, AI, and software product development.

Intelliswost, a US-based company founded in 2001 with offices worldwide, provides solutions to Fortune 500 companies across various industries. Its acquisition by LTTS will enable the latter to reach adjacent retail and fintech segments, according to the business statement.

The deal is also expected to enhance LtTServices' capabilities globally, especially considering the high-demand for its products in platforms engineering, AI, and software product development. In 2023-24, Intelliswost clocked a revenue of $96 million.

As news of the acquisition spread, stock prices surged 4%, with shares trading at Rs5,306.90 on NSE at 11:35 am, up 3.83% from its closing price on Monday.