LTTS announces acquisition of California-based digital engg firm

IT services firm L&T Technology Services (LTTS) has signed a definitive agreement to acquire Silicon Valley-based Intelliswift. The deal is valued at $110 million and is expected to be completed by the start of Q4FY25. This acquisition will help LTTS enhance its offerings across software product development, platform engineering, digital integration, data, and AI. LTTS will also be able to address adjacent markets of Retail and Fintech, along with the Private Equity channel.

Intelliswift counts four of the top five hyperscalers among its clients and caters to 25 Fortune 500 companies. The acquisition will enhance LTTS' AI and software capabilities in the Digital Engineering suite for global clients.

"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,” said Amit Chadha, CEO and Managing Director, L&T Technology Services.

Together, the two firms aim to become the leading technology partner for major hyperscalers and companies worldwide for their business-critical products and platforms, and to significantly enhance their digital offerings.

In another major acquisition this year, LTTS announced a partnership agreement valued at €45 million ($48 million) deal with Forvia, a European automotive supplier, to undertake engineering development activities in the clean mobility sector. The five-year deal, announced in May, brings approximately 300 engineers from Forvia's sites in Augsburg, Germany, and Bengaluru to LTTS.

In Q2FY25, LTTS reported a revenue of ₹2,572.9 crore, reporting growth of 4.5% QoQ and 8% on a yearly basis. The net profit also grew by 1.3% YoY to ₹319.6 crore.