L&T Infotech Ltd. is acquiring Pune-based Cuelogic Technologies in a $8.4-million deal, as it looks to tap into the market opportunity presented by digital engineering.
Cuelogic will be integrated with the digital practice of the L&T Group firm.
The acquisition, L&T Infotech’s seventh since listing in 2016, will provide the mid-tier IT firm instant access to a fast-growing business with an impressive client roster, and more than 300 employees. With more than 100 products, Cuelogic works in areas like UX Consulting, DevOps, AI Consulting, Internet of Things, Applications Modernisation, and Cloud Architecture & Integration.
Founded in 2010, Cuelogic has built capabilities in digital engineering and primarily focuses on developing cloud-native web and mobile applications. It runs Innovation Lab as a service for its clients in the US and India. The company reported revenues of $5.5 million in FY21.
“Digital engineering capabilities of Cuelogic Technologies — combined with their tools and methodologies — will help our clients innovate, launch products, accelerate time-to-market, and maintain products optimally,” said L&T Infotech CEO Sanjay Jalona.
“As a company obsessed with engineering excellence, we find LTI to be our ideal partner for the next phase of our journey. LTI is the growth leader in the industry, and we are excited to further add strength to its formidable Digital capabilities,” Cuelogic CEO Nikhil Ambekar said. 24htech