L&T Technology Services Limited — Important, 11-11-2024: General Updates

L&T Technology Services has signed definitive agreements to acquire 100% of Intelliswift Software (India) Private Limited and Intelliswift Software Inc. for a total consideration of up to USD 110 million, subject to customary closing conditions. The acquisition is expected to strengthen LTTS' capabilities in AI and software within its Digital Engineering suite. Intelliswift provides services in software product development, platform engineering, and AI, with a consolidated turnover of approximately USD 96 million for the calendar year ended 2023. The deal will significantly enhance LTTS' offerings, incorporating advanced AI-led automation frameworks and agile engineering solutions. This acquisition presents a positive outlook for LTTS, and completion of the transaction is anticipated by February 28, 2025. The transaction does not classify as a related party deal.