L&T Infotech set to acquire Nielsen+Partner

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New Delhi | Published: February 15, 2019 4:36:08 AM

Technology consulting and digital solutions firm L&T Infotech announced on Thursday that it is set to acquire Nielsen+Partner (N+P), an independent Temenos WealthSuite specialist, headquartered in Germany, for an enterprise value of 28 million euro on a cash-free, debt-free basis, which includes upfront consideration and a performance-based earn-out.

l&t infotech, l&tL&T Infotech (LTI) will do the acquisition via its wholly-owned subsidiary, Larsen & Toubro lnfotech GmbH, Germany.

Technology consulting and digital solutions firm L&T Infotech announced on Thursday that it is set to acquire Nielsen+Partner (N+P), an independent Temenos WealthSuite specialist, headquartered in Germany, for an enterprise value of 28 million euro on a cash-free, debt-free basis, which includes upfront consideration and a performance-based earn-out.

L&T Infotech (LTI) will do the acquisition via its wholly-owned subsidiary, Larsen & Toubro lnfotech GmbH, Germany. The transaction will be done via cash consideration and the closing is expected within six weeks, LTI said.

Nielsen+Partner is a global implementation specialist for the Temenos WealthSuite providing services around digital banking platforms to customers across banking and financial services segment. It has presence in Switzerland, Singapore, Luxembourg, Belgium, Australia and Thailand.

LTI said that the acquisition of N+P will strengthen the company’s Temenos capability. “Integrating the target company’s capabilities with the company’s existing T24 capabilities will strengthen its position amongst Temenos implementation partners globally,” it said in an exchange filing.

The firm further indicated that this acquisition is synergistic to Syncordis acquisition that LTI announced in 2017. “Together with Syncordis, N+P strengthens LTI’s capabilities as a global expert of Temenos suite of products and enriches company’s offerings to banking clients. Upon integration, N+P’s Temenos business will be consolidated under the brand of Syncordis, while software engineering business will operate and expand as part of LTI Germany,” the firm said.

Sanjay Jalona, chief executive officer and managing director at LTI, said since the Syncordis acquisition, this has been a fast-growing practice for the company, enabling resilient relationships and rich, cross-selling opportunities. “The acquisition of N+P will help us further establish LTI as a formidable player in the fast-growing market for Temenos and help our clients navigate their digital transformation journey,” he said.

LTI indicated that this is the fourth acquisition by the company since it got listed in 2016. In January 2019, the company acquired Ruletronics, a boutique Pega consulting company.

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