Larsen & Toubro Infotech Ltd (LTI), a technology consulting and digital solutions company, has signed a definitive agreement to acquire Bengaluru-headquartered Lymbyc Solutions Pvt Ltd for ₹38 crore in cash.

Lymbyc (previously known as Ma Foi Analytics) is a specialist Artificial Intelligence, Machine Learning and advanced analytics company. The acquisition will further strengthens LTI’s digital and analytics offerings, the company said in a statement.

“We believe self-service capabilities for AI and advanced analytics will be the next wave of disruption in the marketplace and Lymbyc brings this capability to our Mosaic platform.” Sanjay Jalona, Chief Executive Officer and Managing Director at LTI said.

Lymbyc is being acquired on a “cash-free, debt-free basis”, which will be paid as a combination of upfront and three-year earnout payments, the statement said, adding, the transaction is expected to be completed in 4-6 weeks.

The company has 53 employees, including data scientists, computational linguistics, and technology experts. It posted a revenue ₹7.1 crore for FY19. Lymbyc is the fifth acquisition by LTI since the company was listed in 2016. .

“With AI becoming increasingly mainstream, we are excited to join hands with LTI and to help a larger and richer set of clients. Leni, our AI-based Virtual Analyst is perfectly suited to deliver better value to business users and maximize their information and analytics investments,” Satyakam Mohanty, Founder and CEO at Lymbyc said.

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