L&T Tech shares rise 3% on acquisition of California-based Intelliswift
Shares of L&T Technology Services (LTTS) rose over 3 percent after announcing its acquisition of California-based AI software firm Intelliswift for $110 million. This move aims to bolster L&T Tech's offerings in software product development, platform engineering, digital integration, data, and AI.
At 9:16 AM, L&T Tech shares were trading nearly 3 percent higher at Rs 5,257. The stock has gained only about 1 percent on a year-to-date basis, underperforming the Nifty 50, which has risen over 11 percent during the same period.
Intelliswift is known for serving four of the top five hyperscalers and catering to over 25 Fortune 500 companies. This acquisition expands L&T Tech's access to major tech and retail clients, enabling it to enter adjacent markets like retail, fintech, and private equity.
Amit Chadha, CEO and MD of L&T Tech said, "Software and AI are becoming essential for our clients seeking to bring new products and differentiated solutions for the consumer." He added, “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.”
The acquisition brings Intelliswift's industry-leading automation frameworks and expertise in platform engineering to L&T Tech. Intelliswift Founder and Executive Chairman, Pat Patel, said, “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.”
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