Key Takeaways from LTTS Acquisition:

• L&T Technology Services (LTTS) to acquire 100% of Intelliswift Software (India) and Intelliswift Software Inc. (USA) for USD 110 million.
• The transaction is expected to be completed by 28th February 2025, subject to customary closing conditions.
• The acquisition will enhance LTTS' software product development, platform engineering, and AI capabilities, expanding its Digital Engineering offerings.
• The deal will be fully cash-funded, and upon completion, Intelliswift will become a wholly-owned subsidiary of LTTS.

The transaction is subject to customary closing conditions and is expected to be completed by 28th February 2025.

The acquisition will enhance LTTS' capabilities in software product development, platform engineering, and artificial intelligence (AI), boosting its Digital Engineering offerings for global clients. 

The acquisition also adds Intelliswift's AI-led automation framework to LTTS' portfolio, strengthening its capabilities in data, platform engineering, and digital enterprise services.

The deal will be entirely funded in cash, and upon completion, Intelliswift Software will become a wholly-owned subsidiary of LTTS.

About L&T Technology Services Limited:

L&T Technology Services (LTTS) is a global leader in engineering and technology services, with operations in over 25 countries and annual revenue surpassing USD 1.2 billion. Originally part of Larsen & Toubro’s engineering legacy, LTTS combines deep engineering expertise with advanced technology to deliver innovative solutions across various industries. With a team of 23,700 engineers, LTTS is committed to solving complex challenges with agility, sustainability, and innovation. The company’s vision is to engineer the change the world needs, helping clients stay ahead in a rapidly evolving, technology-driven landscape while focusing on socially and environmentally responsible solutions.

About Intelliswift Software (India) Private Limited:

Intelliswift is a leading global technology provider specialising in digital transformation. The company offers cutting-edge solutions in Digital Product Engineering, Data & AI, and Digital Enterprise, catering to industries such as Fintech, MedTech, Manufacturing, Retail, Energy & Utilities, and Platform & Technology. With a team of skilled professionals, Intelliswift helps businesses grow by combining advanced technology with deep industry expertise. The company's mission is to create long-lasting impact through innovation, while its core values of transparency, integrity, respect, and passion drive its success. Intelliswift works with Fortune 500 companies and has a global presence across multiple locations.

Key Takeaways from Info Edge’s Investment in Legiquest:

• Info Edge's subsidiary, SIHL, will invest Rs 4 crores in Legitquest, a Legal-Tech company, in two tranches - Rs 2 crores within 30 days, and Rs 2 crores within 12 months.
• The investment is part of Info Edge's strategy to create long-term value through external investments.
• SIHL's stake in Legitquest will rise to 25.65% after the first tranche and 27.98% after the second tranche.
• The investment will be made through convertible notes, with the final conversion subject to future funding rounds.

The investment will be made in two equal tranches: Rs. 2 crores within 30 days and the remaining Rs. 2 crores within 12 months, subject to certain conditions. The investment aligns with Info Edge's strategy of creating long-term value through strategic external investments. 

Following this funding, SIHL's stake in Legitquest is expected to increase to approximately 25.65% post the first tranche and 27.98% after the second tranche. The investment will be in the form of convertible notes, with the final conversion depending on future funding rounds.

About Info Edge (India) Limited:

Info Edge (India) Limited, established in 1995, is a leading Indian internet company with a diversified portfolio. It is a pioneer in the online recruitment space with Naukri.com and also operates leading platforms in matrimony (Jeevansathi.com), real estate (99acres.com), and education (Shiksha.com). The company has a strong entrepreneurial spirit, making significant investments in early-stage internet ventures such as Zomato, PolicyBazaar, and Meritnation. Info Edge is headquartered in Noida and has a presence across India, as well as in the Gulf region. With a robust workforce and innovative approach, it is a key player in India's digital ecosystem.

Key Takeaways from the Join Venture 

• CAMS and KFintech have formalised MF Central as a separate entity to independently manage technology, sales, and marketing for mutual fund transactions, aligning with SEBI's regulatory goals.
• MF Central, used by over 2.5 million investors, provides a centralised platform for seamless mutual fund transactions and services like Loan Against Mutual Funds through robust API integrations.
• CAMS and KFintech will equally own the new entity, which retains all intellectual property and will manage commercial engagements with AMCs and distributors.

Originally launched in 2021 in response to SEBI’s directive, MF Central has now served over 2.5 million users, offering a unified platform for investors to manage their mutual fund transactions across various fund houses. The platform's growing capabilities led both companies to form a separate stand-alone entity, marking a significant step toward expanding investor services in the Indian mutual fund industry.

The newly established entity, which will be equally owned by CAMS and KFintech, will focus on technology development, sales, and marketing for MF Central. It is set to deepen mutual fund service offerings, making processes such as Non-Financial Transactions (NFTs) and Financial Transactions (FTs) more accessible. MF Central’s extensive API offerings have already enabled Mutual Fund Distributors (MFDs) and Registered Investment Advisors (RIAs) to seamlessly manage their clients' accounts, provide consolidated account statements, and facilitate new investment products.

Anuj Kumar, Managing Director of CAMS, highlighted the platform's impact on the mutual fund industry, emphasising that the establishment of a stand-alone entity aligns with SEBI’s regulatory intent and opens opportunities for further innovation. Sreekanth Nadella, MD and CEO of KFintech remarked on the platform's unique role in digital transformation within the mutual fund sector, adding that MF Central’s infrastructure supports a wide array of fintech solutions, from capital gains reports to APIs for Loan Against Mutual Funds.

Ownership of all intellectual property for MF Central will reside with the new entity, jointly owned by CAMS and KFintech, allowing them to handle business development with distributors and Asset Management Companies (AMCs). This venture aims to foster investor convenience, increase financial inclusion, and bring standardised processes to the mutual fund ecosystem.

About CAMS Limited

CAMS is a prominent financial infrastructure and service partner to India’s asset management industry, with a market share of about 68% based on the mutual fund AAUM. It offers platform-based services to BFSI sectors, including KYC services, payment solutions through CAMSPay, and insurance services through CAMSRep. Additionally, CAMS has ventured into account aggregation and CRA services for the National Pension Scheme.

About KFin Technologies Limited

KFintech is a technology-driven financial services platform providing comprehensive services across asset classes to the capital markets ecosystem. It serves 24 out of 43 Indian AMCs and 6,677 corporates and is also the leading service provider to alternative investment funds in India. KFintech also provides transfer agency and fund administration solutions internationally, catering to 60+ global asset managers across multiple countries.

Key Takeaways from LTTS Acquisition:

• L&T Technology Services (LTTS) to acquire 100% of Intelliswift Software (India) and Intelliswift Software Inc. (USA) for USD 110 million.
• The transaction is expected to be completed by 28th February 2025, subject to customary closing conditions.
• The acquisition will enhance LTTS' software product development, platform engineering, and AI capabilities, expanding its Digital Engineering offerings.
• The deal will be fully cash-funded, and upon completion, Intelliswift will become a wholly-owned subsidiary of LTTS.

The transaction is subject to customary closing conditions and is expected to be completed by 28th February 2025.

The acquisition will enhance LTTS' capabilities in software product development, platform engineering, and artificial intelligence (AI), boosting its Digital Engineering offerings for global clients. 

The acquisition also adds Intelliswift's AI-led automation framework to LTTS' portfolio, strengthening its capabilities in data, platform engineering, and digital enterprise services.

The deal will be entirely funded in cash, and upon completion, Intelliswift Software will become a wholly-owned subsidiary of LTTS.

About L&T Technology Services Limited:

L&T Technology Services (LTTS) is a global leader in engineering and technology services, with operations in over 25 countries and annual revenue surpassing USD 1.2 billion. Originally part of Larsen & Toubro’s engineering legacy, LTTS combines deep engineering expertise with advanced technology to deliver innovative solutions across various industries. With a team of 23,700 engineers, LTTS is committed to solving complex challenges with agility, sustainability, and innovation. The company’s vision is to engineer the change the world needs, helping clients stay ahead in a rapidly evolving, technology-driven landscape while focusing on socially and environmentally responsible solutions.

About Intelliswift Software (India) Private Limited:

Intelliswift is a leading global technology provider specialising in digital transformation. The company offers cutting-edge solutions in Digital Product Engineering, Data & AI, and Digital Enterprise, catering to industries such as Fintech, MedTech, Manufacturing, Retail, Energy & Utilities, and Platform & Technology. With a team of skilled professionals, Intelliswift helps businesses grow by combining advanced technology with deep industry expertise. The company's mission is to create long-lasting impact through innovation, while its core values of transparency, integrity, respect, and passion drive its success. Intelliswift works with Fortune 500 companies and has a global presence across multiple locations.