Bangalore based leading digital transformation and technology services company, Mindtree, announced on Thursday that it has entered into an agreement to acquire the NxT Digital Business, the cloud-based IoT and AI platform of L&T Group for Rs 198 crore.
This acquisition will bring together the Mindtree and NxT Digital Business expertise together and assist in scaling the market agility to satiate the growing end-to-end digital transformation demands of customers. It will enable Mindtree to leverage NxT Digital Business’ capabilities to drive digitization across the manufacturing and engineering value chain, deliver tangible operational efficiencies and offer holistic solutions to new and existing clients.
The NxT Digital Business was founded as a startup with wider digital capabilities within L&T. Its revenue during the fiscal year 2020-21 stood at ₹37.59 crores.
“There is a huge opportunity ahead as global manufacturers and industrial companies are increasingly adopting Industry 4.0 focused smart solutions, systems, and processes, but are struggling to leverage data and analytics to drive efficiency and competitive advantage,” commented Mr S. N. Subrahmanyan, Chief Executive Officer & Managing Director, Larsen & Toubro Limited on the acquisition.
“NxT Digital Business experience, talent, expertise and credentials, coupled with Mindtree’s global scale, technology leadership, and deep understanding of domain and delivery, are a powerful combination of focus and capabilities to meet clients’ requirements,” he added further.
Mindtree enables IT to accelerate business, leverage emerging technologies and maintain the efficiencies of Continuous Delivery to spur business innovation.
“Industrial and manufacturing companies are starting to adopt digital technologies across the value chain, but need a partner with the expertise to strategically connect the dots and generate business value from their data,” said Mr Debashis Chatterjee, Chief Executive Officer & Managing Director, Mindtree Limited.
“The acquisition will complement our significant strengths in reimagining consumer experience, positioning us as one of the leading partners for leveraging data and analytics to drive insights and deliver transformational services to our clients,” added Chatterjee.
The transaction is likely to conclude by July.