Larsen & Toubro Infotech Ltd has agreed to acquire advanced analytics company Lymbyc Solutions Pvt. Ltd to strengthen its digital and analytics offerings.
Lymbyc's enterprise value is Rs 38 crore ($5.5 million) on a cash-free, debt-free basis, the technology consulting arm of engineering giant Larsen & Toubro Ltd said in a statement.
The amount will be paid as a combination of upfront and three-year earnout payments. The deal value is subject to working capital adjustments, L&T Infotech said.
The acquisition will enhance L&T Infotech’s Mosaic platform with deep learning, natural language processing and visualization capabilities, the company said.
L&T Infotech chief executive officer and managing director Sanjay Jalona said Lymbyc’s Leni was an industry-agnostic platform that was solving business users’ needs for experience and speed. “We believe self-service capabilities for AI and advanced analytics will be the next wave of disruption in the marketplace,” Jalona said.
Separately, Lymbyc founder and CEO Satyakam Mohanty said the firm was excited to help L&T Infotech serve a larger set of clients. He added that the company’s products were well-suited to deliver value to its users and maximise the return on investments in information and analytics.
Bengaluru-based Lymbyc was founded in 2012. It has customers in the US, the UK, Africa and India. Apart from analytics and data sciences, the company works on artificial intelligence and machine learning technologies.
Its flagship proprietary product is Leni, a virtual analyst that allows users to conversationally access information and insights. The company has 53 employees, which includes professionals in fields such as data science, computational linguistics and technology.
L&T Infotech provides services in segments such as cloud computing, IT consulting, infrastructure services, assurance services and cyber defence resiliency services.
This is the fifth acquisition by L&T Infotech since it went public in June 2016.
In February, the company said it would acquire German information technology consulting and software services company Nielsen+Partner Unternehmensberater GmbH for an enterprise value of €28 million ($31.5 million) in cash.
A month prior, in January, it had agreed to acquire Ruletronics Systems for $7.48 million. Previously, it bought bought Luxembourg-based IT services firm Syncordis SA in 2017 and Pune-based data analytics startup AugmentIQ Data Sciences Pvt. Ltd in 2016.