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L&T Technology Services (LTTS), the engineering services arm of Larsen & Toubro, said it has signed an agreement to acquire US-based design services provider Esencia Technologies Inc.
The company will pay $27 million (nearly Rs 180 crore) to acquire the California-headquartered firm, and $15 million (Rs 100 crore) will be paid upfront. The rest will be paid over a period of four years.
LTTS aims to strengthen its offerings in areas such as perceptual computing, internet of things, advanced silicon products, and wireless networking technologies with fast, powerful and smart design tools and signal processing libraries.
Esencia has a team of more than 100 engineers in Silicon Valley.
While the company will develop strengths in digital signal processing for communication, security, and networking through Esencia, it has also identified other "must have" technologies to achieve faster growth.
The company reported 11.5 per cent decline in net profit to Rs 96.5 crore for the quarter ending March 31, 2017 due to appreciation of Rupee against the US dollar. Revenues for the period grew 1.4 per cent to Rs 812 crore.
During the corresponding quarter last year, LTTS posted a net profit of Rs 109.1 crore on revenues of Rs 801.4 crore.
For FY17, the company reported net profit of Rs 425 crore on revenues Rs 3248 crore, as against net profit of Rs 418 crore on revenues of Rs 3066 crore.
Keywords: Perceptual Computing, Internet Of Things, Advanced Silicon Products, Wireless Networking, Smart Design Tools, Signal Processing Libraries, ARC Advisory Group.