Cuelogic Acquired By LTI

Mumbai-based L&T Infotech (LTI) has signed an agreement to acquire a 100% stake in Pune-based Cuelogic Technologies for $8.4 million in a full-cash transaction.

In its filing on the NSE, LTI has said the transaction will be completed in two-fourweeks.

Cuelogic operates in the digital product engineering space to build digital products, modernise legacy software with modern technologies leveraging cloud, AI, mobility and offers Innovation Lab as a service to fast-track experimentation and capture untapped value from digital for its clients in the US and India. Founded in 2010, Cuelogic has a 100% subsidiary in the US and has an employee count of over 300 and a portfolio of over 100 products.

Talking about the acquisition, Sanjay Jalona, CEO and MD, LTI, said, “We believe rapid productisation is an essential requirement for accelerated digitalisation across industries. Our clients are looking for agile solutions to compete effectively in a changing world. Digital engineering capabilities of Cuelogic Technologies Private combined with their tools and methodologies will help our clients innovate, launch products, accelerate time-to-market, and maintain products optimally.”

Nikhil Ambekar, CEO, Cuelogic Technologies, said, “Our digital expertise and unique culture have helped us build a solid foundation. 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 were aimed at bolstering the company’s expertise around data & analytics, cloud consulting, intelligent automation and industry-specific platforms.

About Buyer

Larsen & Toubro Infotech is a global technology consulting and digital solutions Company helping more than 300 clients succeed in a converging world. With operations in 30 countries, we go the extra mile for our clients and accelerate their digital transformation with LTI’s Mosaic platformenabling their mobile, social, analytics, IoT and cloud journeys. Founded in 1997 as a subsidiary of Larsen & Toubro Limited, our unique heritage gives us unrivaled real-world expertise to solve the most complex challenges of enterprises across all industries. Each day, our team of more than 28,000 LTItes enable our clients to improve the effectiveness of their business and technology operations, and deliver value to their customers, employees and shareholders.
www.Lntinfotech.com

About Seller

Cuelogic Technologies, 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