Information technology firm L&T Technology Services (LTTS) announced the acquisition of Intelliswift, a Silicon Valley-based artificial intelligence (AI) firm for up to USD 110 million, to enhance its software product development, platform engineering, digital integration, data, and AI offerings. "With this acquisition, LTTS will also be able to address adjacent markets such as retail and fintech, along with the private equity channel," LTTS said in a press release.
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Expands Engineering with Intelliswift Acquisition
The acquisition will also enhance LTTS' AI and software capabilities in its digital engineering suite for global clients, particularly through Intelliswift's AI-led automation framework.
Intelliswift serves 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.
Aiming for USD 2 Billion Goal
Amit Chadha, CEO and Managing Director of LTTS, said, "Software and AI are becoming essential for our clients seeking to introduce new products and differentiated solutions for consumers. 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 moves us closer to our USD 2 billion medium-term goal."
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Pat Patel, Founder and Executive Chairman of Intelliswift, said the company aims to become the leading technology partner for major hyperscalers and businesses worldwide that depend on it for critical products and platforms. "Our customers will benefit from innovative advancements throughout the software and digital platform lifecycle," he noted.
