IT engineering services, L&T Tech Services (LTTS) on Monday signed an agreement to acquire Silicon Valley-based Intelliswift for a total consideration of $110 million. Through this acquisition, it aims to expand its offerings across software product development, platform engineering, digital integration, data and AI.
While declining to give details about the margin impact that the company might face though this acquisition, Amit Chadha, CEO and MD, LTTS, said, they plan to double the revenue of the acquired company in next three years.
LTTS will add 1500 employees, including 1,000 in India. Majority of Intelliswift’s revenue comes from North America.
Chadha added that software and AI are becoming essential for the company’s 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.”
Pareekh Jain, chief executive of engineering insight platform EIIRTrend, said software product engineering was a missing piece in LTTS services mix. Now LTTS will scale this and it can have a multiplier effect in software driven digital engineering opportunities in other industry verticals.
