Larsen & Toubro Infotech to acquire cloud specialist PowerupCloud

Larsen & Toubro Infotech has signed definitive agreement after the Board of Directors of the Company at its meeting held on 17 October 2019 have approved acquisition of 100% shareholding of PowerupCloud Technologies, having its registered office in Tamil Nadu and headquartered in Bangalore along with its' additional offices in Coimbatore, Singapore and Chicago.

The acquisition is subject to customary closing conditions which are expected to get completed within 6 weeks.

PowerupCloud is an AWS Premier Consulting partner with capabilities in Cloud Consulting, migration, cloud native application development and managed services. PowerupCloud also specializes in Azure and GCP Cloud platforms.

It has over 180 employees with capabilities in cloud consulting, cloud managed services, Al and Data Analytics. Revenue for FY19 stood at USD 3.50 million.

The enterprise value for 100% share capital of PowerupCloud is USD 15 million on a cash-free, debt-free basis subject to working capital adjustments. The consideration, will be paid as a combination of upfront and an earn-out over a period of three years.

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