Acquisitions11 Nov 2024, 10:44 pm
L&T Technology Services Acquires Intelliswift Software Inc. for USD 110 Million
AI Summary
L&T Technology Services Limited and its subsidiary L&T Technology Services LLC have agreed to acquire Intelliswift Software Inc. along with its subsidiaries for an aggregate consideration of up to USD 110 million. The acquisition is expected to be completed by 28 February 2025. The Target Entities, Intelliswift Software (India) Private Limited and Intelliswift Software Inc., are primarily involved in software product development, platform engineering, and AI. The consolidated turnover of the Target Entities was approximately USD 96 million for the calendar year ended 31 December 2023.
Key Highlights
- Acquisition of Intelliswift Software Inc. and its subsidiaries for up to USD 110 million
- Target Entities provide software product development, platform engineering, and AI services
- Consolidated turnover of the Target Entities was approximately USD 96 million for the calendar year ended 31 December 2023
- Acquisition does not classify as a related party transaction
- Expected completion of the acquisition on or before 28 February 2025