New Delhi, Jun 16 (PTI) Larsen & Toubro Infotech Ltd (LTI) on Wednesday said it will acquire Cuelogic Technologies, a digital engineering and outsourced product development company, for USD 8.4 million (about Rs 61.6 crore).
Cuelogic, which is the seventh acquisition by LTI since the company got listed in 2016, will be integrated with the Digital practice of Larsen & Toubro Infotech, LTI said in a statement.
'Digital Engineering is a significant market opportunity, and this acquisition will provide instant access to a fast-growing business with an impressive client roster, and more than 300 employees,' the statement said.
In a regulatory filing, LTI said the 'cost of acquisition for 100 per cent share capital of Cuelogic is USD 8.4 million on a cash-free, debt-free basis excluding working capital adjustments and will be paid as a combination of upfront consideration, retention bonus and performance-based earn-outs.' The acquisition is subject to customary closing conditions which are expected to get completed within 2 to 4 weeks, it added.
Previously, LTI had acquired companies including Powerupcloud Technologies, Lymbyc and Ruletronics.
Pune-headquartered Cuelogic, which was founded in 2010, primarily focuses on developing cloud native web and mobile applications, modernisation, and runs Innovation Lab as a service for its clients in the US and India.
It works with enterprise clients on multiple facets of digitalisation such as UX Consulting, DevOps, AI Consulting, IoT, applications modernisation, cloud architecture and integration.
With over 100 products successfully developed, Cuelogic helps global enterprises build and grow modern digital businesses. Its revenue for FY21 stood at USD 5.5 million.
'We believe rapid productization is an essential requirement for accelerated digitalization across industries. Our clients are looking for agile solutions to compete effectively in a changing world. Digital engineering capabilities of Cuelogic Technologies combined with their tools and methodologies will help our clients innovate, launch products, accelerate time-to-market, and maintain products optimally,' LTI CEO and Managing Director Sanjay Jalona said.
Nikhil Ambekar, CEO at Cuelogic Technologies, said as a company obsessed with engineering excellence, Cuelogic finds LTI to be our ideal partner for the next phase of its journey.
'LTI is the growth leader in the industry, and we are excited to further add strength to its formidable Digital capabilities,” he added. PTI SR DRR DRR