LTI concludes acquisition of Pune-Based Cuelogic

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Larsen & Toubro Infotech (LTI) said that it has completed the acquisition of 100% shareholding of Pune-based Cuelogic Technologies on 7 July 2021.

"Consequently, Cuelogic is now a wholly owned subsidiary of the company and Cuelogic Technologies Inc., US is now wholly owned step-down subsidiary of the company, LTI said in a statement.

On 15 June 2021, LTI signed a definitive agreement to acquire Cuelogic Technologies, a Pune-based digital engineering company with a 100% subsidiary in US, Cuelogic Technologies, Inc.

Cuelogic Technologies is a digital engineering company which operates in the digital product engineering space. It works with customers wanting to build digital products, modernize legacy software with modern technologies leveraging cloud, AI, mobility and offer Innovation Lab as a service to fast track experimentation and capture untapped value from digital. Cuelogic reported a revenue of $5.5 million (unaudited) in FY2021 compared with $3.55 million in FY2020.

LTI said that the acquisition would help in enhancing LTI's digital engineering practice by combining Cuelogic Technologies' people, tools, methodologies, training methodologies and onboarding structure along with its strong leadership team to support practice development, sales and delivery.

Cuelogic would be integrated with the Digital practice of LTI. This is the seventh acquisition by LTI since the company got listed in 2016.

L&T Infotech is a global technology consulting and digital solutions company. Its consolidated net profit rose 5.1% to Rs 545.70 crore on 3.7% increase in revenue to Rs 3,269.40 crore in Q4 FY21 over Q3 FY20.

The scrip rose 0.65% to currently trade at Rs 4060.90 on the BSE.

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