LTTS shares jump 4.5% following $110 million AI-focused acquisition
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Shares of L&T Technology Services (LTTS) jumped 4.5% to a high of Rs 5,338.65 on the BSE after the company announced that it has acquired California-based Intelliswift Software along with its Indian arm for $110 million on Monday. The acquisition is meant to enhance LTTS' AI and software capabilities in the digital engineering suite for global clients, through enhanced software product development, data and platform engineering capabilities. The addition of Intelliswift’s AI-led automation framework and digital enterprise will boost the process. To top it all the company will also offer integration services through agile engineering and next-generation technologies. “We wish to inform you that the Company and its wholly -owned subsidiary, L&T Technology Services LLC, have signed transaction documents/ definitive agreements today (i.e., 11 November, 2024) with the relevant parties for acquisition of 100% shares of: (i) Intellis...