L&T Technology Services(LTTS), the engineering services arm of Larsen and Toubro Group, informed that it will acquire a 100 % stake in Texas-based Orchestra Technology(Tech). The acquisition is an all cash deal of USD 25 million, or about Rs 187 crores.
About the deal
The amount will be paid in two tranches of USD 11 million (Rs 82.6 crore) and USD 14 million (Rs 105 crore). The deal is expected to close by December 2020.
Benefits of the Acquisition
i.The acquisition will facilitate LTTS to strengthen its footprint in the OEM (original equipment manufacturer) and service provider space.
ii.OrchestraTech will strengthen the investments of LTTS as part of open network forums, Open Networking Foundation (ONF) and Telecom Infra Project (TIP) on key elements of 5G like Open RAN (ORAN), private networks, NarrowBand-Internet of Things (NB-IoT).
iii.LTTS offerings in the areas of Network Engineering & Enterprise Mobility will be enhanced.
iv.Orchestra Tech will provide LTTS a strategic access to Telecom service providers, who invest in next generation digital systems for 5G and IoT networks.
About Orchestra Tech:
It provides engineering services and solutions for telecom network management.
Founder and CEO– Anuj Jain
About LTTS:
Headquarters– Vadodara, Gujarat
CEO & Managing Director– Keshab Panda
