L&T Technology Services Acquires Intelliswift for $110 Million to Boost AI and Digital Engineering Capabilities
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LTTS shares jump 4.5% following $110 million AI-focused acquisition
The acquisition aims to strengthen LTTS's AI and software capabilities within its digital engineering suite for global clients, enhancing software development, data, and platform engineering. With Intelliswift's AI-driven automation and digital enterprise expertise, LTTS will also provide integration services through agile engineering and next-gen technologies.Shares of L&T Technology Services (LTTS) jumped 4.5% to a high of Rs 5,338.65 on the BSE after the company announced that it has acquired California-based Intelliswift Software along with its Indian arm for $110 million on Monday. The acquisition is meant to enhance LTTS' AI and software capabilities in the digital engineering suite for global clients, through enhanced software product development, data and platform engineering capabilities. The addition of Intelliswift's AI-led automation framework and digital enterprise will boost the process. To top it all the company will also offer integration services through agile engineering and next-generation technologies. "We wish to inform you that the Company and its wholly -owned subsidiary, L&T Technology Services LLC, have signed transaction documents/ definitive agreements today (i.e., 11 November, 2024) with the relevant parties for acquisition of 100% shares of: (i) Intelliswift Software (India) Private Limited by the Company; and (ii) Intelliswift Software Inc. by L&T Technology Services LLC, for an aggregate consideration of up to USD 110 million," said the company in an exchange filing. The proposed acquisition is expected to be completed on or before 28 February 2025, stated the company filing. LTTS will acquire 100% equity interest in Intelliswift Software Inc. (the US target company) as well as Intelliswift Software (India) (the Indian target company). Intelliswift services 4 of the top 5 hyperscalers and caters to over 25 Fortune 500 companies including 5 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. Also read: Sagility India shares list at 3.5% premium over IPO price "Software and AI are 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 USD 2 Billion medium-term goal. We warmly welcome the Intelliswift team to our LTTS family, to join us in our journey of 'Purposeful. Agile. Innovation' with inclusive growth," said Amit Chadha, CEO and Managing Director, L&T Technology Services. The shares of LTTS have increased by 23.4% in the last one year and have gained nearly 3% in the current year so far. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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L&T Technology Services deepens software product development, platform engineering & AI expertise
Signs definitive agreement to acquire California based Intelliswift Expands footprint in Hyperscalers and big tech spenders L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a global leader in engineering and technology services, announced it has signed a definitive agreement to acquire Silicon Valley-based Intelliswift, to deepen its offerings across Software Product Development, Platform Engineering, Digital Integration, Data and AI. Intelliswift services 4 of the Top 5 Hyperscalers and caters to over 25 Fortune 500 companies including 5 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. The acquisition will enhance LTTS' AI and software capabilities in the Digital Engineering suite for global clients, through: Industry leading software product development, data & platform engineering capabilitiesIntelliswift's AI-led automation framework which provides end-to-end automation solutions across platforms and processes.Digital enterprise & Integration services through agile engineering and next generation technologies "Software and AI are 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 USD 2 Billion medium-term goal. We warmly welcome the Intelliswift team to our LTTS family, to join us in our journey of 'Purposeful. Agile. Innovation' with inclusive growth," said Amit Chadha, CEO and Managing Director, L&T Technology Services. "Joining forces with a prominent Engineering & R&D services leader like LTTS is a strategic step forward for Intelliswift. Together, we aim to become the leading technology partner for major hyperscalers and companies worldwide that depend on us for business critical products and platforms, significantly enhancing our digital offerings. Our customers will benefit from innovative advancements throughout the software and digital platform lifecycle," said Pat Patel, Founder and Executive Chairman, Intelliswift. About L&T Technology Services Ltd L&T Technology Services (LTTS) is a global leader in engineering and technology services. A listed subsidiary of Larsen & Toubro (L&T), we offer design, development, testing, and sustenance services across products and processes. Purposeful. Agile. Innovation. is how we drive growth across the Mobility, Sustainability, and Tech segments. Our customer base includes 69 Fortune 500 companies and 57 top ER&D companies across industrial products, medical devices, transportation, telecom & hi-tech, and process industries. Headquartered in India, we have over 23,700 employees across 22 global design centers, 30 global sales offices, and 108 innovation labs, as of September 30, 2024.
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L&T Technology Services Acquires Intelliswift to Boost AI and Digital Engineering Capabilities
Information technology firm L&T Technology Services (LTTS) announced the acquisition of Intelliswift, a Silicon Valley-based artificial intelligence (AI) firm for up to USD 110 million, to enhance its software product development, platform engineering, digital integration, data, and AI offerings. "With this acquisition, LTTS will also be able to address adjacent markets such as retail and fintech, along with the private equity channel," LTTS said in a press release. Also Read: L&T Partners with E2E Networks to Drive GenAI Cloud Solutions in India The acquisition will also enhance LTTS' AI and software capabilities in its digital engineering suite for global clients, particularly through Intelliswift's AI-led automation framework. Intelliswift serves 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. Amit Chadha, CEO and Managing Director of LTTS, said, "Software and AI are becoming essential for our clients seeking to introduce new products and differentiated solutions for consumers. 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 moves us closer to our USD 2 billion medium-term goal." Also Read: HCLTech to Open AI, Cloud Native Lab in Singapore to Accelerate AI Innovation Pat Patel, Founder and Executive Chairman of Intelliswift, said the company aims to become the leading technology partner for major hyperscalers and businesses worldwide that depend on it for critical products and platforms. "Our customers will benefit from innovative advancements throughout the software and digital platform lifecycle," he noted.
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L&T Technology Services deepens software product development, platform engineering & AI expertise
Signs definitive agreement to acquire California based Intelliswift Expands footprint in Hyperscalers and big tech spenders Bangalore, India/ San Francisco, California, USA November 11, 2024: L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a global leader in engineering and technology services, announced it has signed a definitive agreement to acquire Silicon Valley-based Intelliswift, to deepen its offerings across Software Product Development, Platform Engineering, Digital Integration, Data and AI. Intelliswift services 4 of the Top 5 Hyperscalers and caters to over 25 Fortune 500 companies including 5 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. The acquisition will enhance LTTS' AI and software capabilities in the Digital Engineering suite for global clients, through:
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L&T Technology Services (LTTS) has announced the acquisition of Silicon Valley-based Intelliswift for $110 million, aiming to enhance its AI and software capabilities in digital engineering for global clients.
L&T Technology Services Acquires Intelliswift to Enhance AI and Digital Capabilities
L&T Technology Services (LTTS), a global leader in engineering and technology services, has announced the acquisition of Silicon Valley-based Intelliswift for $110 million. This strategic move aims to strengthen LTTS's position in the rapidly evolving fields of artificial intelligence (AI) and digital engineering 12.
Acquisition Details and Financial Impact
The acquisition, announced on November 11, 2024, involves LTTS and its wholly-owned subsidiary, L&T Technology Services LLC, acquiring 100% shares of Intelliswift Software Inc. and Intelliswift Software (India) Private Limited 1. The deal is expected to be completed by February 28, 2025, and has already shown a positive impact on LTTS's stock, which jumped 4.5% to Rs 5,338.65 on the BSE following the announcement 1.
Strategic Enhancements and Market Expansion
This acquisition is set to bolster LTTS's capabilities in several key areas:
- Software Product Development: Enhancing LTTS's ability to create innovative software solutions 23.
- Platform Engineering: Strengthening the company's expertise in building and maintaining digital platforms 23.
- AI and Automation: Incorporating Intelliswift's AI-led automation framework to provide end-to-end automation solutions 24.
- Digital Integration: Improving services through agile engineering and next-generation technologies 23.
The acquisition also expands LTTS's footprint in the hyperscaler market, with Intelliswift servicing 4 of the top 5 hyperscalers and over 25 Fortune 500 companies 24. Additionally, it opens up opportunities in adjacent markets such as retail and fintech, along with the private equity channel 34.
Industry Impact and Future Outlook
Amit Chadha, CEO and Managing Director of LTTS, emphasized the growing importance of software and AI in creating differentiated solutions for consumers. He stated, "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 USD 2 Billion medium-term goal" 24.
Pat Patel, Founder and Executive Chairman of Intelliswift, expressed enthusiasm about the merger, stating their aim to become the leading technology partner for major hyperscalers and companies worldwide 34.
Conclusion
This acquisition marks a significant step for LTTS in enhancing its AI and digital engineering capabilities. As software and AI become increasingly essential in product development and consumer solutions, this strategic move positions LTTS to better serve its global clientele and advance towards its ambitious growth targets.
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