Mumbai : Larsen & Toubro Infotech Ltd. has signed a definitive agreement to acquire Pune based Cuelogic Technologies Private Limited, a Digital Engineering and Outsourced Product Development company.
As per the agreement, LTI will acquire 100% shares of Cuelogic including its subsidiary in the US. The cost of acquisition for 100% share capital of Cuelogic is USD 8.4 Million on a cash-free, debt-free basis excluding working capital adjustments and will be paid as a combination of upfront consideration, retention bonus and performance-based earn-outs.
Founded in 2010, Cuelogic Technologies Private Limited (‘Cuelogic’), is a digital engineering Company with 300+ strong team including full stack engineers, who specialize in product development capabilities and expertise in scaling exponential technologies.
Cuelogic also has a 100% subsidiary in the US, namely, Cuelogic Technologies Inc. and will be acquired as part of the transaction. Cuelogic’s primary focus is on building and modernizing digital products leveraging cloud native methodologies across web and mobile. They also run Innovation Lab as a service program for their clients. The company’s Revenue for FY21 stood at USD 5.50 Million.
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.
“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” Sanjay Jalona, CEO & Managing Director, LTI, said.