Information technology firm L&T Technology Services (LTTS) announced the acquisition of California-based software and artificial intelligence (AI) firm Intelliswift on November 11 for $110 million, to deepen its offerings across software product development, platform engineering, digital integration, data, and AI.
“With this acquisition, LTTS will also be able to address adjacent markets of retail and fintech, along with the private equity channel,” the company said in a press release.
The acquisition will also enhance LTTS' AI and software capabilities in the digital engineering suite for global clients such as through Intelliswift’s AI-led automation framework.
Intelliswift services four of the top five hyperscalers and caters to over 25 Fortune 500 companies, including five of the top 10 ER&D spenders in software and technology.
Amit Chadha, CEO and Managing Director, LTTS, said software and AI are becoming essential for the company's clients seeking to bring new products and differentiated solutions for the consumer. “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,” he added.
Pat Patel, Founder and Executive Chairman, Intelliswift, said that it aims to become the leading technology partner for major hyperscalers and companies worldwide that depend on it for business critical products and platforms. “Our customers will benefit from innovative advancements throughout the software and digital platform lifecycle,” he noted.
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