L&T Technology Services up 3.5% as firm acquires Silicon Valley-based Intelliswift; all you need to know

2 min read | Updated on November 12, 2024, 09:35 IST

SUMMARY

Intelliswift services four of the top five hyperscalers and caters to over 25 Fortune 500 companies, including 5 of the top 10 ER&D spenders in software and technology, LTTS said.

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LTTS

The acquisition will enhance LTTS' AI and software capabilities in the Digital Engineering suite for global clients

LTTS share price: Shares of L&T Technology Services (LTTS) rose as much as 3.56% to ₹5,289.55 apiece on Tuesday, November 12, as the company 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 four of the top five 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 company said in its press release.

The acquisition will 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, which provides end-to-end automation solutions across platforms and processes;
Digital enterprise and integration services through agile engineering and next-generation technologies

Amit Chadha, CEO and Managing Director, of L&T Technology Services, 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 toward our USD 2 Billion medium-term goals. We warmly welcome the Intelliswift team to our LTTS family to join us in our journey of ‘Purposeful. Agile. Innovation’ with inclusive growth."

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