Larsen & Toubro Infotech Ltd said on Thursday it has agreed to acquire German IT consulting and software services company Nielsen+Partner Unternehmensberater GmbH for an enterprise value of €28 million ($31.5 million) in cash.
The acquisition will strengthen the company's capabilities in the banking and financial services software segment, L&T Infotech said in a stock-exchange filing.
This is the second acquisition by the information technology unit of engineering giant Larsen & Toubro Ltd in as many months and fourth since going public in 2016. Last month, it had agreed to acquire Ruletronics Systems for $7.48 million.
Previously, L&T Infotech bought Luxembourg-based IT services firm Syncordis SA in 2017 and Pune-based data analytics startup AugmentIQ Data Sciences Pvt. Ltd in October 2016.
Hamburg-based Nielsen+Partner has 98 employees and has a presence in major banking and wealth management hubs such as Switzerland, Singapore and Luxembourg. It also has offices in Belgium, Australia and Thailand.
The Indian company also said that the acquisition of Nielsen+Partner, which is a Temenos WealthSuite specialist, is synergistic to the Syncordis deal. Syncordis is a leading Temenos core banking platform specialist with widespread presence in Europe.
Temenos is a Swiss company that specialises in enterprise software for banks and financial services companies.
“Temenos is the world leader in banking software. Since the Syncordis acquisition, this has been a fast-growing practice for us,” said Sanjay Jalona, CEO and managing director at L&T Infotech. “The acquisition will help us further establish L&T Infotech as a formidable player in the fast-growing market for Temenos and help our clients navigate their digital transformation journey.”
Nielsen+Partner’s Temenos business will be consolidated under the Syncordis brand while the software engineering business will operate as part of L&T Infotech Germany.
Nielsen+Partner was set up in 1995 and reported revenue of €9.9 million for 2017-18, up from €6.7 million the year before.
The acquisition is subject to customary closing conditions, which are expected to get completed within six weeks.