L&T Infotech Acquisition, Valuation, Funding & Investors

L&T Infotech was acquired by LTM Ltd for $3.5B in May 2022, a 1.8x multiple on $1.9B of revenue.

L&T Infotech acquisition price

$3.5B

Acquired by LTM Ltd · May 2022

L&T Infotech revenue at acquisition

$1.9B

Last twelve months · May 2022

L&T Infotech revenue multiple at acquisition

1.8x

EV/Revenue · May 2022

Cumulative funding L&T Infotech raised

$30M

across 1 funding round

L&T Infotech Overview

About L&T Infotech

L&T Infotech is a Mumbai-headquartered global technology consulting firm with delivery centers in 27 countries, serving over 250 clients in banking, healthcare, manufacturing, and energy sectors. The company accelerates digital transformation through its Mosaic platform, supporting mobile applications, social media integrations, analytics, IoT, and cloud migrations. As the IT arm of Larsen & Toubro Group since 1997, it employs expertise in enterprise solutions for North America, Europe, and Asia.


Founded

1997

HQ

United StatesEdison, NJ

Status

Acquired

Customer focus

B2B

Revenue model

Services

Revenue

$1.9B (May 2022)

Valuation

$3.5B (acquired May 2022)

L&T Infotech Acquisition

L&T Infotech was acquired by LTM Ltd for $3.5B on 6 May 2022.

The acquisition price implies a 1.8x revenue multiple on $1.9B of revenue.

Before the acquisition L&T Infotech had raised $30M across 1 funding round.

L&T Infotech (LTI) and Mindtree, both under Larsen & Toubro Group, announced a merger on May 6, 2022, to form LTIMindtree, creating India's sixth-largest IT services company by revenue with combined annual business of $3.5 billion as of March 31, 2022. LTI provides global technology consulting and digital solutions, while Mindtree focuses on technology consulting and services in cloud, serving complementary client bases primarily in North America. The merger leverages scale for larger deals, enhanced offerings across verticals like BFSI, manufacturing, and healthcare, and access to a combined cash pool over $990 million for future opportunities. Under the scheme, Mindtree shareholders receive 73 LTI shares for every 100 Mindtree shares, with LTI as the surviving entity; post-merger, Larsen & Toubro holds 68.73% stake. The transaction, valued at $3.5 billion, aimed at synergies through industrialized delivery, cross-vertical expertise, and talent pool to compete with larger peers like TCS and Infosys. It received necessary approvals and completed in November 2022, with Mindtree delisted and operations integrated.

L&T Infotech acquisition details
AcquirerDateTypePriceEV/Revenue
6 May 2022Strategic M&A$3.5B1.8x

L&T Infotech Funding History

L&T Infotech has raised a total of $30M across 1 funding round.

L&T Infotech funding rounds

L&T Infotech funding rounds
DateStageInvestorsRaisedDeal Summary
Jul 2016Undisclosed stageChrysCapital (lead)$30ML&T Infotech, the technology services arm of engineering giant Larsen & Toubro Ltd, conducted an IPO in July 2016 as an offer for sale of 17.5 million shares, including 5.25 million shares to anchor investors such as ChrysCapital, raising Rs 372.75 crore from anchors at Rs 710 per share (upper end of Rs 705-710 price band). The total IPO size was about Rs 1,240 crore (Rs 1,243 crore per some reports), oversubscribed 11.67 times. ChrysCapital invested $30 million (approximately Rs 200 crore) as an anchor investor, marking its return to public market investing. India’s sixth-largest IT firm by exports, L&T Infotech reported revenue of Rs 5,847 crore and net profit of Rs 922 crore for the financial year ended March 31, 2016. The IPO was the third group firm to list, following parent L&T and L&T Finance Holdings.

Who has invested in L&T Infotech?

1 investor has backed L&T Infotech across its funding rounds, including ChrysCapital.

Lead investors include ChrysCapital.


L&T Infotech Investors

Investors in L&T Infotech by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by L&T Infotech

L&T Infotech has acquired 6 companies to date.

Last acquisition by L&T Infotech was on October 17th 2019. L&T Infotech acquired Powerupcloud Technologies for $15M.


Latest Acquisitions by L&T Infotech

Powerupcloud Technologies
Lymbyc
Nielsen+Partner
Ruletronics
Description
Powerupcloud Technologies is an AWS Premier and Azure Gold partner delivering cloud migration, managed services, and AI platforms like Chanak.io for predictive maintenance. Headquartered in Bangalore, India, the company serves 200 enterprise clients with Botzer.io automating workflows in Salesforce and ERP systems. Recognized as AI partner by both clouds since 2022.
Lymbyc is a software company developing a virtual analyst platform that simulates human-like insights for financial and data analysis tasks. The system processes market data, generates reports, and identifies trends using machine learning models trained on historical analyst behaviors. Palo Alto-headquartered, Lymbyc targets investment firms and research departments with tools that integrate into existing workflows for equity research and portfolio management.
-
Ruletronics is a Silver Partner of Pegasystems that delivers a range of services in the Pega ecosystem including implementation, support, and optimization. Accessible via ruletronics.com, the company serves clients seeking Pega-based business process management solutions.
HQ CountryUnited StatesIndiaGermanyUnited Kingdom
HQ City
Chicago, IL
Bangalore
-
London
Deal Date17 Oct 201917 Jul 201914 Feb 201917 Jan 2019
Valuation$15Mundisclosed$31M$8M
EV/Revenue
EV/EBITDA

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L&T Infotech Competitors

L&T Infotech competitors include listed companies like Digital China, Dentsu Soken, Sopra Steria and Hexaware Technologies, and private ones like MegazoneCloud and CarDekho.

Public and private companies comparable to L&T Infotech
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Digital ChinaChinaChinaPublicly listed$21B$206M$3.5B0.3x
Dentsu SokenJapanJapanPublicly listed$1.1B$179M$3.6B3.1x
Sopra SteriaFranceFrancePublicly listed$6.5B$698M$3.6B0.7x
Hexaware TechnologiesIndiaIndiaPublicly listed$1.4B$203M$3.3B2.1x
MegazoneCloudSouth KoreaSeoulPrivate--$1.8B-
CarDekhoIndiaGurgaonPrivate$299M-$1.2B4.0x

L&T Infotech Public Comps

L&T Infotech is no longer listed, but its public comps include Digital China, Dentsu Soken, Sopra Steria, Hexaware Technologies, L&T Technology Services, Redington, TravelSky, Tata Technologies, DHC Software and Matrix IT.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Digital China$21B$206M0.3x0.3x28.1x-
Dentsu Soken$1.1B$179M3.4x3.1x19.9x18.7x
Sopra Steria$6.5B$698M0.8x0.7x7.2x5.8x
Hexaware Technologies$1.4B$203M2.3x2.1x15.9x13.0x
L&T Technology Services$1.1B$206M3.0x2.8x16.6x15.4x
Redington$12B$221M0.3x0.3x15.7x12.7x
TravelSky$1.3B$518M0.9x0.9x2.3x2.3x
Tata Technologies$574M$95M5.5x4.9x33.3x30.2x

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Common questions about L&T Infotech

When was L&T Infotech founded?L&T Infotech was founded in 1997.
Where is L&T Infotech headquartered?L&T Infotech is headquartered in Edison, NJ, United States.
Is L&T Infotech publicly listed?No, L&T Infotech was acquired by LTM Ltd in May 2022.
Who acquired L&T Infotech?L&T Infotech was acquired by LTM Ltd in May 2022.
How much was L&T Infotech acquired for?L&T Infotech was acquired for $3.5B in May 2022, a 1.8x revenue multiple.
How much funding has L&T Infotech raised?L&T Infotech has raised $30M across 1 funding round.
What was L&T Infotech's last funding round?L&T Infotech's last funding round was a $30M undisclosed-stage round in July 2016, led by ChrysCapital.
Who are L&T Infotech's investors?L&T Infotech's investors include ChrysCapital.
Which companies are comparable to L&T Infotech?Companies comparable to L&T Infotech include Digital China, Dentsu Soken, Sopra Steria, Hexaware Technologies, MegazoneCloud and CarDekho.
How many companies has L&T Infotech acquired?L&T Infotech has acquired 6 companies, including Powerupcloud Technologies, Lymbyc, Nielsen+Partner, Ruletronics and Syncordis S.A..
What was the largest acquisition by L&T Infotech?The $31M acquisition of Nielsen+Partner in February 2019 is the largest acquisition L&T Infotech has made to date.

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