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L&T Infotech to acquire Lymbyc in its fifth acquisition since IPO

Author : Sunil Hebbalkar | Published Date : 2019-07-19 
  • The Lymbyc acquisition is expected to cost L&T INR38 crore, the deal is anticipated to close in 4-6 weeks.
  • Across its five recent acquisitions, L&T has committed more than $50 million till date.

L&T Infotech Ltd., (LTI), a renowned Mumbai-based global IT solutions and services provider, has reportedly announced that it has signed an agreement to procure Lymbyc, a Bengaluru-based Artificial Intelligence (AI), advance analytics and machine learning company.

Sources familiar with the knowledge of the matter cite that the deal marks L&T’s fifth acquisition since its IPO in 2016. The company procured Ruletronics in January. A month after, it acquired Nielsen Partner based in Germany which specializes in an integrated software product for wealth managers, Temenos WealthSuite. Across its five recent acquisitions, L&T has committed more than $50 million till date.

According to reports, the acquisition will greatly complement data visualization capabilities, analytics, and natural language processing of L&T’s Mosaic platform, helping it enhance its data discovery, large dataset processing ability and analytics.

The Founder and CEO of Lymbyc, Satyakam Mohanty stated that the company is aware how LTI is leading the data and digital transformation plan for its clients. Mohanty further stated with growing prominence of AI, the company is eager to join LTI and help a richer and larger set of clients.

The CEO and Managing Director at LTI, Sanjay Jalona stated that the company believes in AI’s self service capabilities and the projected rise of advanced analytics as the next major marketplace disruption. Jalona further added that Lymbyc would bring that capability to the company’s Mosaic platform.

The Lymbyc acquisition is anticipated to cost LTI approximately INR38 crore and is projected to be closed within 4-6 weeks. The company plans to pay for the deal in all-cash, in a combination of upfront and staggered payments over three years.

Source Credits: https://www.livemint.com/companies/news/l-t-infotech-buys-analytics-firm-lymbyc-in-fifth-acquisition-since-ipo-1563357885257.html

About Author

Sunil Hebbalkar

Sunil Hebbalkar

Sunil Hebbalkar currently works as a content writer for fractovia.org and other portals. A post graduate in mechanical design engineering, he nurtures a passion for writing articles related to myriad industry verticals such as the technology, automotive, and healthcare sectors. When free, Sunil pursues his interest in cycling, reading, and sketching. He can be contacted at- [email protected] | https://twitter.com/HSuniel

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