Company Announcements

Signs definitive agreement to acquire California based Intelliswift

Expands footprint in Hyperscalers and big tech spenders

BANGALORE, India & SAN FRANCISCO--(BUSINESS WIRE)--Nov. 11, 2024-- L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a global leader in engineering and technology services, announced it 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 4 of the Top 5 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 acquisition will enhance LTTS' AI and software capabilities in the Digital Engineering suite for global clients, through:

• Industry leading software product development, data & 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

"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. 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, Intelliswift.

About L&T Technology Services Ltd

L&T Technology Services (LTTS) is a global leader in engineering and technology services. A listed subsidiary of Larsen & Toubro (L&T), we offer design, development, testing, and sustenance services across products and processes.

Purposeful. Agile. Innovation. is how we drive growth across the Mobility, Sustainability, and Tech segments. Our customer base includes 69 Fortune 500 companies and 57 top ER&D companies across industrial products, medical devices, transportation, telecom & hi-tech, and process industries. Headquartered in India, we have over 23,700 employees across 22 global design centers, 30 global sales offices, and 108 innovation labs, as of September 30, 2024.

For additional information about L&T Technology Services log on to www.LTTS.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241111146476/en/

Media Contact:
Aniruddha Basu
L&T Technology Services Limited
E: Aniruddha.Basu@LTTS.com

Source: L&T Technology Services Ltd