LTI to acquire Digital Engineering Firm Cuelogic

Larsen & Toubro Infotech Ltd. (BSE: 540005, NSE: LTI), a global technology consulting and digital solutions company has signed a definitive agreement to acquire Cuelogic Technologies Private Limited, a Digital Engineering and Outsourced Product Development company, headquartered in Pune, India. Founded in 2010, Cuelogic has built capabilities in digital engineering, and primarily focuses on developing cloud native web and mobile applications, modernization, and runs Innovation Lab as a service for its clients in the USA and India.

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. Cuelogic works with enterprise clients on multiple facets of digitalization such as UX Consulting, DevOps, AI Consulting, IoT, Applications Modernization, Cloud Architecture & Integration. With over 100 products successfully developed, Cuelogic helps global enterprises build and grow modern digital businesses.

Sanjay Jalona, CEO & Managing Director, LTI, said: "We believe rapid productization is an essential requirement for accelerated digitalization across industries. Our clients are looking for agile solutions to compete effectively in a changing world. Digital engineering capabilities of Cuelogic Technologies Private Limited combined with their tools and methodologies will help our clients innovate, launch products, accelerate time-to-market, and maintain products optimally. I welcome Cuelogic team, their customers, and partners to LTI family."

Nikhil Ambekar, CEO, Cuelogic Technologies, said: "When Vikrant, Neel, and I cofounded Cuelogic, our goal was to bring rapid and reliable product development services to enterprises, and help them scale their digital transformation. Our digital expertise and unique culture have helped us build a solid foundation. As a company obsessed with engineering excellence, we find LTI to be our ideal partner for the next phase of our journey. LTI is the growth leader in the industry, and we are excited to further add strength to its formidable Digital capabilities."

Cuelogic will be integrated with the Digital practice of LTI. This is the seventh acquisition by LTI since the Company got listed in 2016. Earlier acquisitions have bolstered Company's expertise around data & analytics, cloud consulting, intelligent automation, and industry-specific platforms.

Shares of Larsen & Toubro Infotech Ltd was last trading in BSE at Rs.4128 as compared to the previous close of Rs. 4161.4. The total number of shares traded during the day was 13765 in over 2968 trades.

The stock hit an intraday high of Rs. 4200 and intraday low of 4110.85. The net turnover during the day was Rs. 57298253.

Source : Equity Bulls

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