L&T Technology Services to acquire Silicon Valley-based firm for $110M
The acquisition of Intelliswift is expected to enhance the AI and software capabilities of LTTS in the digital engineering space.
L&T Technology Services (LTTS), has signed a definitive agreement to acquire Silicon Valley-based Intelliswift for $110 million to deepen its offerings across software product development, platform engineering, digital integration, data, and AI.
According to a statement, the acquisition is expected to enhance LTTS' AI and software capabilities in the digital engineering suite for global clients through industry-leading software product development, data and platform engineering capabilities. Intelliswift’s AI-led automation framework provides end-to-end automation solutions across platforms and processes and digital enterprise and integration services through agile engineering and next-generation technologies.
On the acquisition, LTTS CEO Amit Chadha said, "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 $2 billion medium-term goal.”
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.
Intelliswift founder and executive chairman Pat Patel said, “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.”
The global engineering R&D services market is estimated at $78 billion and the software product engineering segment is expected to register a compounded annual growth rate in the range of 11-12% for 2023-25.
Edited by Kanishk Singh
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