L&T Infotech to Take Over AI Firm Lymbyc Solutions for Rs 38 Crore in 5th Acquisition Since Listing
File photo of L&T's logo. (Image: Reuters)
Larsen and Toubro Infotech Ltd, the technology services arm of Larsen and Toubro, on Wednesday said that it has signed a definitive agreement to acquire Bengaluru-headquartered Lymbyc Solutions Pvt. Ltd for Rs 38 crore.
Lymbyc is a Bengaluru-based specialist artificial intelligence (AI) machine learning and advanced analytics company with customers in the US, the UK, Africa and India. Its acquisition will further strengthen L&T Infotech’s digital and analytics offerings, the company said in a statement. Before Lymbyc's acquisiton, both companies had worked as strategic partners for a year.
“We believe self-service capabilities for AI and advanced analytics will be the next wave of disruption in the marketplace and Lymbyc brings this capability to our Mosaic platform,” Sanjay Jalona, chief executive officer and managing director at L&T Infotech said.
“Leni by Lymbyc is an industry-agnostic platform that solves business user’s need for experience, speed, and comprehension. I welcome Lymbyc’s experienced management team and all its employees to the L&T Infotech family,” he added. Leni is Lymbyc’s proprietary product that acts like a virtual analyst.
The deal is expected to close in another 4-6 weeks, L&T Infotech said in a stock exchange filing, adding that it plans to pay in all-cash, as a combination of upfront and three-year staggered payments.
Interestingly, Lymbyc is the fifth acquisition by L&T Infotech since the company got listed in 2016. Earlier this year, the company acquired Ruletronics, which uses the Pega platform for business process management and customer relationship management solutions. Later, it also acquired Nielsen Partner, which specializes in Temenos WealthSuite, an integrated software solution for wealth managers.
At 10:25 am, shares of L&T Infotech were trading at Rs 1,611, down 0.5%, on BSE. The stock has fallen around 13% in the past one year.