Cuelogic will be integrated with the digital practice of LTI; this is the seventh acquisition by LTI since the company got listed in 2016
Mumbai-based L&T Infotech (LTI) has signed an agreement to acquire a 100% stake in Pune-based Cuelogic Technologies for $8.4 million in a full-cash transaction.
In its filing on the NSE, LTI has said the transaction will be completed in two-fourweeks.
Cuelogic operates in the digital product engineering space to build digital products, modernise legacy software with modern technologies leveraging cloud, AI, mobility and offers Innovation Lab as a service to fast-track experimentation and capture untapped value from digital for its clients in the US and India. Founded in 2010, Cuelogic has a 100% subsidiary in the US and has an employee count of over 300 and a portfolio of over 100 products.
Talking about the acquisition, Sanjay Jalona, CEO and MD, LTI, said, “We believe rapid productisation is an essential requirement for accelerated digitalisation across industries. Our clients are looking for agile solutions to compete effectively in a changing world. Digital engineering capabilities of Cuelogic Technologies Private combined with their tools and methodologies will help our clients innovate, launch products, accelerate time-to-market, and maintain products optimally.”
Nikhil Ambekar, CEO, Cuelogic Technologies, said, “Our digital expertise and unique culture have helped us build a solid foundation. LTI is the growth leader in the industry, and we are excited to further add strength to its formidable digital capabilities.”
Cuelogic will be integrated with the digital practice of LTI.
This is the seventh acquisition by LTI since the company got listed in 2016. Earlier acquisitions were aimed at bolstering the company’s expertise around data & analytics, cloud consulting, intelligent automation and industry-specific platforms.