M&A
L&T Infotech to acquire digital engineering firm Cuelogic for $8.4 M
Mumbai-based, publicly listed Larsen & Toubro Infotech Ltd is to acquire 100% of Pune-based Cuelogic Technologies Pvt Ltd, a digital engineering and outsourced product development company, for USD 8.4 million. Founded in 2010, Cuelogic has built capabilities in digital engineering, and primarily focuses on developing cloud native web and mobile applications, and modernization. It runs innovation-lab-as-a-service for its clients in the US and India. Post deal, Cuelogic will be integrated with the digital practice of L&T Infotech. Cuelogic has a team of over 300 people including full stack engineers, who specialize in product development capabilities and expertise in scaling exponential technologies. It also has a 100% subsidiary in the US, Cuelogic Technologies Inc, which will be acquired as part of the transaction. Its revenue for FY21 stood at USD 5.5 million.
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