LTTS to acquire California firm Intelliswift for an aggregate consideration of $110 million
The Hindu
L&T Technology Services to acquire Intelliswift Software Inc. for up to $110 million, enhancing software and AI capabilities.
L&T Technology Services (LTTS), an engineering and technology services firm, has singed a definitive agreement to acquire Silicon Valley-based IT firm Intelliswift Software Inc. for an aggregate consideration of up to $110 million, as per a regulatory filing made by the Larsen Toubro arm on Monday (November 11, 2024).
The acquisition was aimed at deepening LTTS’ offerings across Software Product Development, Platform Engineering, Digital Integration, Data and AI, the filing said adding, this buyout would also enhance the company’s AI and software capabilities in the Digital Engineering suite for global clients.
As per the filing, Intelliswift services four of the top five hyperscalers and caters to over 25 Fortune 500 companies including five of the top 10 ER&D spenders in Software and Technology. ‘‘With this acquisition, LTTS will also be able to address adjacent markets of Retail and Fintech, along with the Private Equity channel.’‘
Amit Chadha, CEO and Managing Director, L&T Technology Services said, software and AI were becoming essential for our clients seeking to bring new products and differentiated solutions for the consumer. ‘‘The acquisition of Intelliswift strengthens our digital and software product engineering capabilities, expands strategic client partnerships with major technology spenders, boosts our presence in Silicon Valley, and advances us towards our $2 billion medium-term goal.’‘
The consolidated turnover of the target entities (Indian and US operations of Intelliswift) were approximately $96 million for the calendar year ended 31, December 2023. The acquisition is expected to be completed on or before 28 February 2025, the filing said.
Incorporated in 2001, Intelliswift has presence in the U.S., India (Gujrat), Hungary, Canada, Singapore and Costa Rica.
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