L&T Technology Services (LTTS) has made a strategic move by acquiring Intelliswift Software Inc., a California-based AI software firm, for $110 million. This acquisition is set to enhance LTTS’s capabilities in areas like software product development, platform engineering, digital integration, data analytics, and AI solutions.
LTTS shares jumped by over 3% to reach ₹5,257 as of 9:16 AM. Despite this positive spike, the stock’s performance has been relatively modest, showing only a 1% gain year-to-date. This is in contrast to the broader Nifty 50 index, which has climbed by over 11% in the same period.
The acquisition of Intelliswift is particularly significant as the firm boasts a strong client base, including four out of the top five hyperscalers and over 25 Fortune 500 companies.