Business

L&T Infotech acquires AI firm Lymbyc for ₹38 crore

Larsen & Toubro Infotech Ltd has signed a definitive agreement to acquire Lymbyc, a specialist AI, machine learning, and advanced analytics company to strengthen it’s digital and analytics offerings.

The enterprise value for 100% share capital of Lymbyc is ₹38 crore on a cash-free, debt-free basis, which will be paid as a combination of upfront and three-year earn-out payments, said the company in a filing to the exchanges. The consideration value is subject to working capital adjustments.

Founded in 2012, Bengaluru-headquartered Lymbyc has customers in the U.S., U.K., Africa, and India and is known for its capabilities in analytics and data sciences space.

Sanjay Jalona, chief executive officer and managing director, LTI, said: “We believe self-service capabilities for AI and advanced analytics will be the next wave of disruption in the market place, and Lymbyc brings this capability to our Mosaic platform.”

With growing dependence on data, global enterprises need to be better at data discovery, agile analytics and ability to process large data sets. Lymbyc’s expertise in these spheres will enhance LTI’s Mosaic platform to provide differentiated analytics solutions in a SaaS model, said the statement.

Satyakam Mohanty, founder and CEO, Lymbyc said: “With AI becoming increasingly mainstream, we are excited to join hands with LTI and to help a larger and richer set of clients. Leni, our AI-based virtual analyst, is perfectly suited to deliver better value to business users and maximise their information and analytics investments.”

Lymbyc is the fifth acquisition by LTI since the company got listed in 2016.

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Printable version | May 8, 2021 9:46:59 AM | https://www.thehindu.com/business/lt-infotech-acquires-ai-firm-lymbyc-for-38-crore/article28525607.ece

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