L&T Technology Services (LTTS), the engineering services arm of L&T, has completed the acquisition of US-based design services firm Esencia. With this, Esencia Technologies will become a subsidiary of L&T Technology.
This acquisition is expected to enhance the company’s global offerings in areas such as perceptual computing, advanced silicon and wireless networking technologies and should enable the company to offer very large scale integration (VLSI) and application specific integrated circuit (ASIC) services to its global customers across hi-tech and semiconductor industries.
LTTS also expects to gain capabilities in advanced silicon products and wireless networking technologies with fast, powerful and smart design tools and signal processing libraries by leveraging Esencia’s core strengths.
Both the companies had signed a pact on May 3, 2017.
The company had last month announced that it would pay $27 million (nearly Rs 180 crore) to acquire the firm and out of that $15 million ( Rs 100 crore) would be paid upfront.
The rest will be paid over a period of four years.
Esencia’s existing team of more than 100 embedded, ASIC design and semiconductor experts in Silicon Valley would be part of the LTTS family, said the company in a statement.
“The acquisition will act as one of our major growth levers and boost portfolio of offerings in the embedded space. The synergies will also help in the creation of new services in building advanced silicon and embedded products in perceptual computing, wireless connectivity solutions, storage and networking and IoT solutions for customers worldwide,” said Keshab Panda, chief executive officer and managing director, LTTS.