L&T Technology Services Limited (LTTS), has announced it has signed a definitive agreement to acquire Silicon Valley-based Intelliswift. The company claims this acquisition will deepen its offerings across software product development, platform engineering, digital integration, data, and AI.

According to LTTS, Intelliswift services 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. With this acquisition, LTTS can address the adjacent markets of retail and fintech, along with the private equity channel.

“Software and AI are becoming essential for our clients seeking to bring new products and differentiated solutions for the consumer. 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 advances us towards our $2 billion medium-term goal. We warmly welcome the Intelliswift team to our LTTS family, to join us in our journey of ‘Purposeful. Agile. Innovation’ with inclusive growth,” said Amit Chadha, CEO and Managing Director, L&T Technology Services.

“Joining forces with a prominent Engineering and R&D services leader like LTTS is a strategic step forward for Intelliswift. Together, we aim to become the leading technology partner for major hyperscalers and companies worldwide that depend on us for business critical products and platforms, significantly enhancing our digital offerings. Our customers will benefit from innovative advancements throughout the software and digital platform lifecycle,” said Pat Patel, Founder and Executive Chairman, Intelliswift.

LTTs’ customer base includes 69 Fortune 500 companies and 57 top ER&D companies across industrial products, medical devices, transportation, telecom & hi-tech, and process industries. The company has over 23,700 employees across 22 global design centers, 30 global sales offices, and 108 innovation labs, as of September-end this year.

LTTS’ share price closed at Rs 5,100.25, down by 0.70 today.