DBT Bureau
Bengaluru, 11 November 2024
Engineering services firm, L&T Technology Services (LTTS) on Monday said it will acquire California-based software and artificial intelligence (AI) firm- Intelliswift for $110 million, to deepen its offerings across software product development, platform engineering, digital integration, data, and AI.
The acquisition will enhance LTTS’ AI and software capabilities in the Digital Engineering space for global clients, the company said in a press release.
Intelliswift services four of the top 5 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.
“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. 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 of Intelliswift.
