Shares of L&T Technology Services Ltd surged 4% on Tuesday, 12 November, after the company announced the acquisition of California-based software and artificial intelligence (AI) firm Intelliswift for $110 million. 

LTTS announced that its wholly owned subsidiary, L&T Technology Services LLC, will acquire the entire equity share capital of Intelliswift Software Inc., based in the U.S., and Intelliswift Software (India). The acquisition is anticipated to be finalised by 28 February 2025.

“L&T Technology Services LLC, have signed definitive agreements on 11 November, 2024 with the relevant parties for acquisition of 100 per cent shares of: Intelliswift Software (India); and (ii) Intelliswift Software Inc. by L&T Technology Services LLC, for an aggregate consideration of up to $110 million,” the company said in a statement on Monday.

The US-based Intelliswift Software Inc. was founded in 2001 and has offices in India, Hungary, Canada, Singapore, and Costa Rica. Intelliswift Software (India) was established in Gujarat in 2002. Both businesses are involved in platform engineering, AI, and software product development.  

Intelliswift serves more than 25 Fortune 500 firms, including five of the top ten ER&D spenders on software and technology and four of the top five hyperscalers. Along with the private equity channel, LTTS will be able to reach the adjacent retail and Fintech segments with this acquisition, the business stated.

Global businesses can benefit from Intelliswift’s solutions in platform engineering, AI, and software product development. In the fiscal year that concluded on 31 December 2023, the company’s total revenue was roughly $96 million.

At 11:35 am, the shares of L&T Technology Services were trading 3.83% higher at Rs 5,306.90 on NSE.

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