The board of L&T Technology Services (LTTS) has approved the acquisition of U.S.-based Esencia Technologies Inc, a provider of design services in digital signal processing for communications, video, security and networking.
A technology arm of engineering giant Larsen & Toubro, LTTS is also betting on big orders from multi-billion dollar global firms for double-digit growth in revenues in FY18.
This is above industry body Nasscom’s projections.
LTTL won a notable deal from a European OEM for design, development, implementation and standardisation of its digital engineering framework.
The company reported an 11.5% fall in net profits to INR 96.5 crore even as foreign exchange fluctuations weighed on profitability.
However, revenues rose 1.4% to INR 812.3 crore while in dollar terms the revenue grew by 3.4%.
Meanwhile, the acquisition will deepen LTTS’ offerings to global customers, in the realm of perceptual computing, Internet of Things, advanced silicon products and wireless networking technologies.
Esencia has a team of more than 100 embedded, ASIC design and semiconductor experts in Silicon Valley.
LTTS’ board also elevated A.M. Naik’s successor, S.N. Subramaniyan, at the EPC major parent to the position of vice-chairman from that of non-executive director.
LTTS: Know More- Headquarters: India
- CEO: Keshab Panda (10 Jan 2015)
- Founded: 2012
- Parent organization: Larsen & Toubro
- Subsidiaries: L&T Thales Technology Services Private Limited
