Larsen & Toubro Infotech to acquire Pune-based Cuelogic Technologies

Larsen & Toubro Infotech Limited (LTI) has signed a definitive agreement to acquire Cuelogic Technologies Private Limited, a Pune-based digital engineering company with a 100 per cent subsidiary in the US, Cuelogic Technologies, Inc. 

The closing of the transaction is expected to get completed within 2 to 4 weeks. The cost of the acquisition for 100 per cent 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 earnouts. 

Cuelogic Technologies is a digital engineering company, which specialises in product development capabilities and expertise in scaling exponential technologies. Cuelogic’s primary focus is on building and modernising digital products leveraging cloud-native methodologies across the web & mobile. It also runs an innovation lab as a service programme for its clients in USA and India. 

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

Meanwhile, this is the seventh acquisition by LTI since the company got listed in 2016. 

On Wednesday, in the early morning session, the stock of LTI was trading up by 0.8 per cent at Rs 4,189.35 from its previous close of Rs 4,154.35 on BSE.