L&T Infotech acquires analytics startup AugmentIQ

Global IT services provider, L&T Infotech has acquired Pune-based analytics startup AugmentIQ Data Sciences that offers IP-based, big data and analytics solutions to help enterprises derive business benefits from big data.

“Augment IQ is a very synergistic acquisition for LTI. Our clients are seeking big data solutions that can be implemented quickly and scale as per their requirements. AugmentIQ offers a very versatile platform that can expand instantly and enable accelerated data monetization,” Sanjay Jalona, CEO of L&T Infotech, said in a statement.

According to an ET report, the acquisition was made at an enterprise value of Rs 7 crore on a ‘nil cash nil debt’ basis. The IT service providing the arm of Larsen & Toubro told the Bombay Stock Exchange that the startup had revenue of Rs 2.4 crore in FY16.

The acquisition gives LTI access to MAXIQ, the big data platform developed by AugmentIQ, which is currently servicing one of the world’s largest credit bureaus, large banks as well as regulatory agencies.

Also, the company’s proprietary identity resolution technology can be adopted to solve the emerging needs of regulatory authorities across all markets.

Vyas, Founder & CEO, AugmentIQ said, “During last four years, we have grown rapidly and are working with some major clients in India and globally. We are excited about joining forces with LTI and about the opportunity to partner with hundreds of new clients. The acquisition by LTI opens up a unique roadmap for our innovative offerings to grow and mature further.”