L&T Technology Services Limited (LTTS) and its wholly owned subsidiary, L&T Technology Services LLC, have announced the acquisition of 100% ownership in both Intelliswift Software (India) Private Limited and Intelliswift Software Inc. for a total of up to USD 110 million. The acquisition, subject to standard closing adjustments and regulatory requirements, aims to enhance LTTS’s capabilities in artificial intelligence (AI) and digital engineering for its global clients.
The agreement includes LTTS acquiring Intelliswift’s India operations and its US-based parent company through its US subsidiary, marking a strategic investment to strengthen LTTS’s offerings in software product development, platform engineering, and AI. The acquisition cost will be fully paid in cash, and both entities will become wholly owned subsidiaries of LTTS.
This acquisition bolsters LTTS’s Digital Engineering suite, adding Intelliswift’s AI-led automation frameworks and expanding LTTS’s capabilities in agile engineering, digital enterprise solutions, and next-generation technologies. The enhanced offerings are expected to provide global clients with a comprehensive digital transformation platform, aligned with LTTS’s focus on innovation in the AI and software sectors.
The combined revenue for Intelliswift’s entities reached approximately USD 96 million in 2023, following USD 101 million in 2022 and USD 80 million in 2021. The acquisition, scheduled to be completed by 28 February 2025, will result in Intelliswift Software (India) Private Limited and Intelliswift Software Inc. becoming LTTS’s subsidiaries.
