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Engineering services company L&T Technology Services (LTTS) will acquire Bangalore-based Graphene Semiconductor Services Pvt Ltd.
While the company did not disclose the financial details of the transaction it said that it was an all-cash deal. The transaction is expected to be finished by October 2018, the company said.
Graphene plays in the semiconductor services segment providing chip design and associated services. It has a presence in India, Singapore, Taiwan, Malaysia and counts 10 of the world’s top semiconductor fabrication and fabless companies as its customers.
“Graphene’s strong offshore presence, coupled with expertise in complete VLSI Chip Design & embedded Software will be a force multiplier for LTTS and will enhance our capabilities in the semiconductor & product Original Equipment Manufacturer (OEM) space,” said Keshab Panda, CEO & Managing Director, L&T Technology Services.
At the end of 2018 fiscal, Graphene had revenues of ₹ 66.3 crore.
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