Larsen & Toubro Infotech Ltd. (LTI) said on Wednesday it has signed a definitive agreement to acquireCuelogic Technologies, a digital engineering and outsourced product development company, headquartered in Pune, for $8.4 million.
Founded in 2010, Cuelogic has built capabilities in digital engineering, and primarily focuses on developing cloud native web and mobile applications, modernisation, and runs innovation lab as a service for its clients in the USA and India, an LTI statement said.
“The acquisition is for $8.4 million”, company sources said.
Digital Engineering is a significant market opportunity, and this acquisition will provide instant access to a fast- growing business with impressive client roster, and more than 300 employees, the company said.
Cuelogic works with enterprise clients on multiple facets of digitalisation such as UX Consulting, DevOps, AI Consulting, IoT, Applications Modernisation, Cloud Architecture & Integration, it was stated.
“With over 100 products successfully developed, Cuelogic helps global enterprises build and grow modern digital businesses”, the statement said.
CEO & Managing Director, LTI, Sanjay Jalona, said: “Digital engineering capabilities of Cuelogic Technologies combined with their tools and methodologies will help our clients innovate, launch products, accelerate time-to-market, and maintain products optimally”.
This is the seventh acquisition by LTI since the company got listed in 2016, it was noted.
Source: Economic Times