LTI to acquire Pune based Digital Engineering Company - Cuelogic Technologies

For consideration of USD 8.4 mn

Jun 16, 2021 11:06 IST capital market

Larsen & Toubro Infotech has signed a definitive agreement to acquire Cuelogic Technologies, a Pune based Digital Engineering company with a 100% subsidiary in US, Cuelogic Technologies, Inc.

Cuelogic operates in the digital product engineering space. They work with customers wanting to build digital products, modernize legacy software with modern technologies leveraging cloud, AI, mobility and offer Innovation Lab as a service to fast track experimentation and capture untapped value from Digital.

This acquisition will help in enhancing LTIs digital engineering practice by combining Cuelogics people, tools, methodologies, training methodologies and onboarding structure along with its strong leadership team to support practice development, sales, and delivery.

The cost of acquisition for 100% share capital of Cuelogic is USD 8.4 Million on a cash-free, debt-free basis excluding working capital adjustments and will be paid as a combination of upfront consideration, retention bonus and performance-based earn-outs.

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