Info-tech

L&T Infotech to acquire Lymbyc for ₹38 cr

Our Bureau Mumbai | Updated on July 17, 2019 Published on July 17, 2019

Larsen & Toubro Infotech Ltd

Larsen & Toubro Infotech Ltd (LTI), a technology consulting and digital solutions company, has signed a definitive agreement to acquire Bengaluru-headquartered Lymbyc Solutions Pvt Ltd for ₹38 crore in cash.

Lymbyc (previously known as Ma Foi Analytics) is a specialist Artificial Intelligence, Machine Learning and advanced analytics company. The acquisition will further strengthens LTI’s digital and analytics offerings, the company said in a statement.

“We believe self-service capabilities for AI and advanced analytics will be the next wave of disruption in the marketplace and Lymbyc brings this capability to our Mosaic platform.” Sanjay Jalona, Chief Executive Officer and Managing Director at LTI said.

Lymbyc is being acquired on a “cash-free, debt-free basis”, which will be paid as a combination of upfront and three-year earnout payments, the statement said, adding, the transaction is expected to be completed in 4-6 weeks.

The company has 53 employees, including data scientists, computational linguistics, and technology experts. It posted a revenue ₹7.1 crore for FY19. Lymbyc is the fifth acquisition by LTI since the company was listed in 2016. .

“With AI becoming increasingly mainstream, we are excited to join hands with LTI and to help a larger and richer set of clients. Leni, our AI-based Virtual Analyst is perfectly suited to deliver better value to business users and maximize their information and analytics investments,” Satyakam Mohanty, Founder and CEO at Lymbyc said.

Published on July 17, 2019

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Sincerely,

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.