L&T Technology Services acquires US-based Intelliswift for $110 million

Engineering and technology services firm L&T Technology Services (LTTS) announced that it has signed a definitive agreement to acquire Silicon Valley-based Intelliswift for $110 million.

 

The acquisition, according to the firm, will deepen its offerings across software product development, platform engineering, digital integration, data, and artificial intelligence (AI). It will also provide LTTS access to marquee clients in retail, fintech, and hi-tech, while strengthening its relationship with hyperscalers.

 

With a revenue of $96 million, Intelliswift serves four of the top five hyperscalers and caters to over 25 Fortune 500 companies, including five of the top 10 engineering research and development (ER&D) spenders in software and technology. This acquisition will enable LTTS to address adjacent markets in retail and fintech, as well as the private equity channel.

 

"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 $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, chief executive officer and managing director, L&T Technology Services.

 

The global ER&D outsourcing services market represents a $78 billion opportunity. Within this, software product engineering is expected to have a compounded annual growth rate (CAGR) of 11-12 per cent for the period 2023-25.

 

“Together, we aim to become the leading technology partner for major hyperscalers and companies worldwide that rely 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.

 

Explaining the rationale behind the acquisition, LTTS said in an investor presentation that there are synergies in the deal, such as leveraging LTTS’ offshore talent to accelerate Intelliswift’s growth, and cross-selling opportunities for both companies.