IT engineering companies on acquisition spree to boost their BFSI business play
This week IT engineering services provider L&T Tech Services signed an agreement to acquire California-based Intelliswift for a total consideration of $110 million. Amit Chadha, the company’s chief executive and managing director, told ET that the firm plans to double the revenue of the acquired company (whose annual revenue is about $100 million) in the next three years. While half of Intelliswift’s revenue comes from high tech, the rest comes from fintech and retail, along with the private equity channel.
Persistent Systems in September said it was acquiring select assets from SoHo Dragon for $4.7 million. SoHo Dragon is a Wall Street-based consulting and staffing firm primarily in the business of providing IT services to BFSI customers. The Pune based firm said at the time, “The acquisition of the select assets will help in consolidating the relationship with a strategic and large customer in the BFSI domain.”
Also Read: Fog lifts: IT spending revives on AI, BFSI gets growth and hiring surges
Another US-based IT engineering services provider, EPAM Systems, which has more than 9,000 employees in India (its second largest delivery centre after Ukraine), announced its acquisition of First Derivative last month. First Derivative is a managed services and consulting firm for capital markets with 1,800 employees globally. The deal added more than 100 new clients and strengthened EPAM Systems’ presence in the UK, Ireland, North America and APAC.
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By — Hariom Tatsat, Vice
