To expand its offerings in software product development, platform engineering, digital integration, data, and artificial intelligence (AI), information technology company L&T Technology Services (LTTS) announced on November 11 that it would pay $110 million to acquire California-based software and AI company Intelliswift.

The company stated in a press statement that "LTTS will be able to address adjacent markets of retail and fintech, along with the private equity channel, with this acquisition."

Through Intelliswift's AI-led automation framework, for example, the acquisition will also improve LTTS' AI and software capabilities in the digital engineering suite for international clients.

Intelliswift serves more than 25 Fortune 500 firms, including five of the top 10 ER&D spenders in software and technology, and four of the top five hyperscalers.

Software and AI are becoming crucial for the company's clients looking to introduce new goods and unique solutions for the market, according to Amit Chadha, CEO and Managing Director of LTTS. He continued, "The acquisition of Intelliswift increases our presence in Silicon Valley, expands strategic client partnerships with major technology spenders, strengthens our digital and software product engineering capabilities, and moves us closer to our $2 billion medium-term goal."

According to Pat Patel, founder and executive chairman of Intelliswift, the company wants to become the top technology partner for large hyperscalers and businesses around the world that rely on it for platforms and business-critical products. "Innovative advancements throughout the software and digital platform lifecycle will benefit our customers," he said.